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The following information is for questions 2 until 10: Dilom Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: - Sales are budgeted at $260,000 for November, $230,000 for December, and $210,000 for January. - Collections are expected to be 55% in the month of sale, 40% in the month following the sale, and 5% uncollectible. The cost of goods sold is 80% of sales. The company purchases 50% of its merchandise in the month prior to the month of sale and 50% in the month of sale. Pay- ment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,700. - Monthly depreciation is $17,000. Ignore taxes. S 28,000 EMMA Statement of Financial Position October 31 Assets: Cash Accounts receivable (net of allowance for uncollectible accounts). Inventory Property, plant and equipment (net of $640.000 accumulated depreciation). Total assets. 78.000 104,000 RIMINI 1.132.000 $1.342.000 RHINO Liabilities and Stockholders' Equity: Accounts payable Common stock Retained earnings Total liabilities and stockholders equity S 200.000 800.000 342.000 si 342.000 2. Expected cash collections in December are: A. $126,500 B. $230,500 C. $104,000 D. $230,000 3. The cost of December merchandise purchases would be: A. S176,000 B. $208,000 Tools View Tutorial Chapter 7 (new) C. $184,000 D. $84,000 4. December cash disbursements for merchandise purchases would be: A. $184,000 B. $196,000 C. $176,000 D. $84,000 5. The excess (deficiency) of cash available over disburse- ments for December would be: A. $12,800 B. $8,600 C.$17,000 D. $4,200 6. The net income (loss) for December would be: A. $24,300 B. $12,800 C. ($4,200) D. $7,300 7. The cash balance at the end of December would be: A. $40,100 eens 5-6 of 6 (Product Activation Failed) B. $28,000 C. $12,100 D. $40,800 8. The accounts receivable balance, net of uncollectible ac- counts, at the end of December would be: A. $89,500 B. $92,000 C. $103,500 D. $196,000 9. Accounts payable at the end of December would be: A. $84,000 B. $92,000 C. $184,000 D. $176,000 10. Retained earnings at the end of December would be: A. $342,000 B. $362,600 C. $337,800 D. $338,100 C | | |