3 Handy Hardware is a retail hardware store. Information about the store's operations follows 10 points November 20xt sales amounted to $590,000 Sales are budgeted at $630,000 for December 20x1 and $590,000 for January 20x2 . Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly The store's gross margin is 20 percent of its sales revenue. A total of 90 percent of the merchandise for resale is purchased in the month prior to the month of sale, and 10 percent 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 $47100, . Annual depreciation is $489,000 Print Moterences The company's balance sheet as of November 30, 20x1, is as follows: HANDY HARDWARE, INC. Balance Sheet November 30, 20x1 Assets Cash 63,000 Accounts receivable Bet of 38.900 allowance for uncollectible accounts) 171,000 Inventory 470,000 Property, plant, and equipment net of $1,370,000 accumulated depreciation) 1.914,000 Total assets $2,613,000 Liabilities and Stockholders Toity Accounts payable $ 500,000 Common stock 1.780,000 Retained eaching 331,200 Total liabilities and were equity $2,610,000 Required: 1. Compute the budgeted cash collections for December 20x1. 2. Compute the budgeted income foss) before income taxes for December 20x1 3. Compute the projected balance in accounts payable on December 31, 20x1 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Hequired 3 Compute the budgeted cash collections for December 2013 Bugeted cashiection Required 2 > 3 Handy Hardware is a retall hardware store. Information about the store's operations follows. 10 points . November 20xt sales amounted to $590,000. Sales are budgeted at $630,000 for December 20x1 and $590,000 for January 20x2. Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly The store's gross margin is 20 percent of its sales revenue A total of 90 percent of the merchandise for resale is purchased in the month prior to the month of sale, and 10 percent 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 $47100. Annual depreciation is $489,000. Print References The company's balance sheet as of November 30, 20x1, is as follows: HANDY BARDAME, INC Balance Sheet November 30, 20x1 Assets Cash . 63,000 Accounts receivable (net of 58,900 allowance for uncollectible accounta) 171.000 Inventory 470,000 Property, plant, and equipment (net of $1,370,000 accumulated depreciation) 1,914,000 Total asset 52,620,000 Liabilities and Stoekholders' Equity Accounts payable $ 500,800 Common stock 1,780,000 Retained earnings 337,200 Total liabilities and ownerte equity $2,618,000 Required: 1. Compute the budgeted cash collections for December 20x1. 2. Compute the budgeted income (loss) before income taxes for December 20x1, 3. Compute the projected balance in accounts payable on December 31, 20x1. Complete this question by entering your answers in the tabs below. Required 1 Retired 2 Required Compute the budgeted Income (loss) before Income taxes for December 20x1. Budgeted Before taxes 3 Handy Hardware a real hardware store. Information about the stores operations follows November 20x sales amounted to $590,000 Set are budgeted at $630,000 for December 201 and 5590.000 for January 20x2. Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible Bad debts expense is recognized monthly The store's gross margin is 20 percent of its sales revenue A total of 90 percent of the merchandise for resale is purchased in the month prior to the month of sale, and 10 percent 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 $47300. Annual depreciation is $489.000 The company's balance sheet as of November 30, 2011, is as follows: ANDT ANDET Balance the 30.01 Mets 63,000 counts receivable (nut o 18.00 alle for collectible conte) TVG Property, plant, et 19.276,000 na depreciation) Total Little and stoodere party unt paysbile 171,000 470.000 1.910.000 52,610.000 Mise en Totalt and were equity $300,000 1.700.000 3.300 12.611,000 Required: 1. Compute the budgeted cash collections for December 20x1 2. Compute the budgeted income foss) before income taxes for December 201 3. Compute the projected balance in accounts payable on December 31, 2011 Complete this question by entering your answers in the tabs below. Required 1 Required 2 roured Compute the projected balance in accounts payable on December 31, 20x1. Accounts payable