7 Collections are expected to be 50% in the month 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 sale. Bad debts expense is included as part of operating expenses Gross margin is 30% of gross Sales . All accounts receivable are from credit sales. Bad debts are written off against 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 hand at the end of each month Payment for merchandise is made in the month following the month of purchase Other monthly operating expenses to be paid in cash total $22.400 Annual depreciation is 5198,000, one-twelfth of which is reflected as part of monthly operating expenses Goldberg Company's statement of financial position at the close of business on November 30 follows Box Prime GOLDBERG CON Statement of Financial Position November 10, 2022 Assets Cash Accounts receivable (nt of 14,000 allowance for doubtful accounts Inventory Property, plant, and equipment (net of 5630,000 accumulated depreciation) Total assets Labilities and stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and equity $ 23,000 66.000 156,00 1,010,000 31,255,000 $ 143,000 100,000 312,500 Required: 1 What is the total of budgeted cash collections for December? 2. How much is the book value of accounts receivable at the end of December? 3. How much is the income foss) before income taxes for December? 4. What is the projected balance in inventory on December 31, 2022? 5. What are budgeted purchases of inventory for December? 6. What is the projected balance in accounts payable on December 31 2022? (For all requirements, Do not round intermediate calculations.) V 7 Collections are expected to be 50% in the month 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 sale. Bad debts expense is included as part of operating expenses Gross margin is 30% of gross Sales . All accounts receivable are from credit sales. Bad debts are written off against 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 hand at the end of each month Payment for merchandise is made in the month following the month of purchase Other monthly operating expenses to be paid in cash total $22.400 Annual depreciation is 5198,000, one-twelfth of which is reflected as part of monthly operating expenses Goldberg Company's statement of financial position at the close of business on November 30 follows Box Prime GOLDBERG CON Statement of Financial Position November 10, 2022 Assets Cash Accounts receivable (nt of 14,000 allowance for doubtful accounts Inventory Property, plant, and equipment (net of 5630,000 accumulated depreciation) Total assets Labilities and stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and equity $ 23,000 66.000 156,00 1,010,000 31,255,000 $ 143,000 100,000 312,500 Required: 1 What is the total of budgeted cash collections for December? 2. How much is the book value of accounts receivable at the end of December? 3. How much is the income foss) before income taxes for December? 4. What is the projected balance in inventory on December 31, 2022? 5. What are budgeted purchases of inventory for December? 6. What is the projected balance in accounts payable on December 31 2022? (For all requirements, Do not round intermediate calculations.) V