17 Copland Supplies' retained earnings balans interest and income tax when answering this question ca camings balance at the end of A $259,000 $218,000 D $244.000 None of the above $64,000 th e Assume the company pays to 18 In addition to the information given a addition to the information given above, assume Copland Supplies requires $30,000 minimum cash balance sn can be borrowed at any exact amount at the beginning of each month from company's credit line at a local bank. Interest, 2% monthly, are paid at the end of each month. Determine total amount of cash Copland Supplies needs to borrow from the bank for the month October A. $68,715 B. $38,715 C. $30,000 D. $70,118 E. None of the above The next three questions are based on the following information: Copland Supplies Company is a retail store that washe merchandizes from several makers of equipment. Actual balance sheet is presented below: Balance Sheet mber 30, 2018 $25.000 Accounts Receivable (Net of allowance for uncollectible accounts) $70,000 Inventory 579,6251 Property Plant Equipment (Net of $640,000 accumulated $1.225,3751 depreciation) S1.400,000 Accounts Payable $170,000 Common Stock $1.050.0001 Retained Farines $180.000 Total Liabilities and Stockholders' Equity $1,400,000 To prepare budgets, the budget officer gathered addition budget data: Sales are budgeted at $350,000 $260,000, and $230.000, all on credit for October, November, and December, respectively. The company will declare $15,000 dividend in October, which will be paid in November Collections are expected to be 55% in the month of sale. 40% in the month following the sale, and 5% uncollectible. Copland Supplies recognizes bad debt expenses in the month sales are made. The cost of goods sold is 65% of sales. The ending merchandise inventory should be 35% of the following month sales needs. Payment for merchandise purchases is expected to be 60in the month of purchase with the remaining paid in the following month. Monthly selling and administrative expenses to be paid in cash are $32,000. - Monthly depreciation is $20,000. B. 192 16 What is the accounts receivable balance of Copland as of November 30? $104,000 $192,500 $140,000 D. $143,000 E. None of the above Page 10 of 12