Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $300,000 for November, $280,000 for December, and $270,000 for January. Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 70% of sales. The company would like to maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $23,600. Monthly depreciation is $14,600. Ignore taxes. Balance Sheet October 31 Assets Cash $ 21,600 Accounts receivable 71,600 Merchandise inventory 126,000 Property, plant and equipment, net of $573,600 accumulated depreciation 1,095,600 Total assets $ 1,314,800 Liabilities and Stockholders' Equity Accounts payable $ 255,600 Common stock 821,600 Retained earnings 237,600 Total liabilities and stockholders' equity $ 1,314,800