E9.25 LO 9.7 Budgeted financial statements: retailer MasterLux is a boutique retailer of quality furniture, bedding and homewares. Information about the store's operations is as follows: November sales amounted to $4000000. Sales are budgeted at $440000 for December and $400 000 for January. Receipts are expected to be 60 per cent in the month of sale and 38 per cent in the month following the sale. Two per cent of sales receipts are expected to be uncollectable. The retailer's gross margin is 25 per cent of its sales revenue. A total of 80 per cent of the merchandise for resale is purchased in the month prior to the month of sale, and 20 per cent is purchased in the month of sale. Payment for merchandise is made in the month following the purchase. Other monthly expenses paid in cash amount to $452000. Annual depreciation is $4320000. The balance sheet of MasterLux as at 30 November is: MasterLux Balance sheet 30 November Assets: Cash Accounts receivable (net of $70000 allowance for uncollectable accounts) Inventory Property, plant and equipment (net of $11800 000 accumulated depreciation) Total assets Liabilities and shareholders' equity. Accounts payable Ordinary shares Retained earnings Total liabilities and shareholders' equity $ 440000 1520000 2800 000 17240 000 $22000000 $ 3240000 15 900 000 2860000 $22.000.000 Required Calculate the following amounts: 1. budgeted cash receipts for December 2. budgeted profit (loss) before income taxes for December 3. projected balance in accounts payable on 31 December.