10. Sales are on a cash and credit basis, with 55% collected during the month of the sale, 35% the following month, and 9.5% the month thereafter. 1241 of 1% of sales are considered uncollectible (bad debt expense). 11. Sales in November and December 2016 are expected to be $700,000 and $1,500,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $734,000 at December 31, 2016 which will be collected in January and February, 2017. 12. During the fiscal year ended December 31, 2017, GGC, Inc. will be required to make monthly income tax installment payments of $5,000. Outstanding income taxes from the year ended December 31, 2016 must be paid in April 2017. Income tax expense is estimated to be 25% of net income. Income taxes for the year ended December 31, 2017, in excess of installment payments, will be paid in April, 2018. 13. GGC, Inc. is planning to acquire additional manufacturing equipment for $204,300 cash. 40% of this amount is to be paid in November 2017, the rest, in December 2017. The manufacturing overhead costs shown above already include the amortization on this equipment. 14. GGC, Inc. has a policy of paying dividends at the end of each quarter. The president tells you that the board of directors is planning on continuing their policy of declaring dividends of $50,000 per quarter