4 Goldberg Company is a retail sporting goods store that uses an accrual accounting system Facts regarding its operations foliow 5.83 DO Sales are budgeted at $340,000 for December and $310,000 for January terms Veom 1/60 . Collections are expected to be 50% in the mouth of Sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of old Bad debts expenses included as part of operating expenses Gross margin is 30% of gross sales . All accounts receivable se from credit scoles. Bod ciebts are written off agonist the allowance account at the end of the month following the month of sale Goldberg desires to have 80% of the merchandise for the following month's sales on and at the end of each month Payment for merchandises made in the month following the month of purchase Other monthly operating expenses to be paid in cash foto $29.200 Annual depreciation is $240.000.000 twelth of which is reflected as part of moothly operating expenses Goldbere company's statement of financial position at the case of business on November 30 follows GOLDER.COM Stant of Financial Position Nov 2010 sets Cash $ 39.000 accounts receivable The $1.000 a ford counts 18.000 Inventory 190.00 Property, plant, and paint 00.000 eurated depreciation 1,00,000 Tuta si Liabilities and stockholders' Equity Accounts 1,000 Conto 000.00 ained in 418.400 31,167, 4 Goldberg Company is a retail sporting goods store that uses an accrual accounting system Facts regarding its operations foliow 5.83 DO Sales are budgeted at $340,000 for December and $310,000 for January terms Veom 1/60 . Collections are expected to be 50% in the mouth of Sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of old Bad debts expenses included as part of operating expenses Gross margin is 30% of gross sales . All accounts receivable se from credit scoles. Bod ciebts are written off agonist the allowance account at the end of the month following the month of sale Goldberg desires to have 80% of the merchandise for the following month's sales on and at the end of each month Payment for merchandises made in the month following the month of purchase Other monthly operating expenses to be paid in cash foto $29.200 Annual depreciation is $240.000.000 twelth of which is reflected as part of moothly operating expenses Goldbere company's statement of financial position at the case of business on November 30 follows GOLDER.COM Stant of Financial Position Nov 2010 sets Cash $ 39.000 accounts receivable The $1.000 a ford counts 18.000 Inventory 190.00 Property, plant, and paint 00.000 eurated depreciation 1,00,000 Tuta si Liabilities and stockholders' Equity Accounts 1,000 Conto 000.00 ained in 418.400 31,167