aved Hela Balance sheet October 31 Assets Canh Accounts receivable Merchandise inventory Property, plant and equipment, net of $620,000 accumulated depreciation Total assess Liabilities and Stockholders' Equity accounts payable Common stock retained earnings Total liabilities and stockholders' equity 5.25.000 77.000 162,400 1.026,000 $ 1,290,400 $ 239,000 740,000 311.00 $1.290,400 The net income for December would be Multiple Choice 319,900 540,000 513700 13700 Day Farm Supply is located in a small town in the rural west Data regarding the store's operations follow Sales are budgeted at $290,000 for November 5310,000 for December, and $210,000 for January . Collections are expected to be in the month of sale and 35 in the month following the sale The cost of goods sold is Box of sales The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next montes cost of goods sold Payment for merchandise is made in the month following the purchase Omer monthly expenses to be paid in cash we $2000 . Monthly depreciation is $21.000 ignore balance sheet October 31 Assets Accounts receivable Merchandise inventory $ 25,000 79,900 162,400 1.026,000 $ 1.290,400 Property, plant and palment, net of 626,000 accumulated depreciation Totalt Liabilities and stockholders' Equity Recounts payable Coronto Ratained earning Total liabilities and stockholders equity 5 239.000 740,000 311,400 $ 1.290, 400 The net income for December would be nenet income for December would be 1.000 54000 0700 O 100 ME