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Capid Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:* . Sales are budgeted at S390,000 for November, $370,000 for December,
Capid Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:* . Sales are budgeted at S390,000 for November, $370,000 for December, and S380,000 for January.* Collections are expected to be 90% in the month of sale, 5% in the month following the sple, and 5% uncollectible The cost of goods sold is 60% of sales. The company purchases 70% of its merchandise in the month prior to the month of sale and 30% in the month of sale. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $21,800.* . e Monthly depreciation is S18,000.* * Ignore taxes. \ Statement of Financial Position October 31 Assets Accounts receivable (net of allowance for 71,000 163,800 uncollectible accounts) Property, plant and equipment (net of 1088.000 $1347 800 S504,000 accumulated depreciation)... Liabilities and Stockholders' Equity Accounts payable 232.000 700,000 415.800 Total liabilities and stockholders equity. $1.347.800 Total liabilities and stockholders equitv
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