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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow Sales are budgeted at $280,000 for November, $260,000 for

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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow Sales are budgeted at $280,000 for November, $260,000 for December, and $250000 for January Collections are expected to be 45% in the month of sale and 55% in the month following the sale. The cost of goods sold is 80% of sales The company would like to maintain ending merchand se imentores equal to 7 In the month followling the purchase Other monthly expenses to be paid in cash are $23,400 Monthly depreciation is $14,400. Ignore taxes. of the next month s cost o good, s d Pymen'mertare se . made Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $573,800 accumulated depreciation Total assets $ 21,800 71,880 156,800 1,095, 880 $1, 346, 2ee Liabilities and Stockholders Equity Accounts payable Common stock s 255,8 821,800 Common stock Retained earnings Total liabilities and stockholders' equity 821,800 268,6ee $1,346,289 The difference between cash receipts and cash disbursements for December would be Multiple Choice $34,800 $26,100 $17000 $78,600 Lumber sells umber and general building supplies to building contractors in a medium sized town in Montana. Data regarding the store's operations follow Sales are budgeted at $367000 for November, $337000 for December, and $317000 for January Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 80% of sales. merchandise inventory equal to 50% of the following month's cost of goods sold Payment for merchandise made in the month following the purchase. . Other monthly expenses to be paid in cash are $26,400 Monthly depreciation is $19.400 Ignore taxes Balance Sheet Oetober 31 Assets Cash Accounts receivable inventory Property, plant and equipment, net of 24,100 88,480 146, 800 1,019,09 s10,500 accumulated depreciation Total assets $1,270, 380 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 280,5e0 797,00e 192,800 Multuple Cholce $21,600 $26,300 $16,800 $41,000

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