13. Sutton Corporation sells office supplies and is in the process of estimating its fourth quarter operations. The following budgeted income statements have been provided: Additional information: I) Administrative expenses include $2,000 of monthly depreciation. 2) Sales consist of 20% cash and 80% credit. 3) Sutton collects its sales over three months. Ten percent is collected in the month of the sale, 70% in the month following the sale, and 20% in the second month following the sale. August sales were $30,000 and September sales were $36,000. 4) Half of the inventory purchases are paid for in the current month and the other half are paid for in the month following the purchase. The balance in the accounts payable account is $11,700 on September 30th. 13. Sutton Corporation sells office supplies and is in the process of estimating its fourth quarter operations. The following budgeted income statements have been provided: Additional information: I) Administrative expenses include $2,000 of monthly depreciation. 2) Sales consist of 20% cash and 80% credit. 3) Sutton collects its sales over three months. Ten percent is collected in the month of the sale, 70% in the month following the sale, and 20% in the second month following the sale. August sales were $30,000 and September sales were $36,000. 4) Half of the inventory purchases are paid for in the current month and the other half are paid for in the month following the purchase. The balance in the accounts payable account is $11,700 on September 30th