Carpon Lumber sells lumber 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 $340,000 for November, $350,000 for December, and $370,000 for January. * Collections are expected to be 55% in the month of sale, 44% in the month following the sale, and 1% uncollectible. *The cost of goods sold is 75% of sales. * The company desires to have an ending merchandise inventory 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 $21,100. *Monthly depreciation is $19,000. * Ignore taxes.

What is the retained earnings balance on 12/31??

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Carpon Lumber sells lumber 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 $340,000 for November, $350,000 for December, and $370,000 for January. * Collections are expected to be 55% in the month of sale, 44% in the month following the sale, and 1% uncollectible. *The cost of goods sold is 75% of sales. * The company desires to have an ending merchandise inventory 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 $21,100. *Monthly depreciation is $19,000. * Ignore taxes. What is the retained earnings balance on 12/31