c.edu/webapps/assessment/take/launch.jsp?course_assessment,jd 18924_1&course_d_8704 18 content_id=_400348 14 stepen Remaining Time: 38 minutes, 31 seconds. Question Completion Status Carver 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 $350,000 for November, 5320,000 for December, and $300,000 for January Collections are expected to be 90% in the month of sale, 8% in the month following the sale, and 2% uncollectible The cost of goods sold is 75% of sales - The company purchases 60% of its merchandise the month prior to the month of sale and 40% 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 $24,700. - Monthly depreciation is $16,000. Ignore taxes, $ 19,000 77,000 157.500 Statement of Financial Position October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Inventory Property, plant and equipment (net of $502,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockhliders' equity Reference: 9-23 1,002,000 $1.255.500 $ 272,000 780,000 203,500 $1255500 c.edu/webapps/assessment/take/launch.jsp?course_assessment,jd 18924_1&course_d_8704 18 content_id=_400348 14 stepen Remaining Time: 38 minutes, 31 seconds. Question Completion Status Carver 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 $350,000 for November, 5320,000 for December, and $300,000 for January Collections are expected to be 90% in the month of sale, 8% in the month following the sale, and 2% uncollectible The cost of goods sold is 75% of sales - The company purchases 60% of its merchandise the month prior to the month of sale and 40% 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 $24,700. - Monthly depreciation is $16,000. Ignore taxes, $ 19,000 77,000 157.500 Statement of Financial Position October 31 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Inventory Property, plant and equipment (net of $502,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockhliders' equity Reference: 9-23 1,002,000 $1.255.500 $ 272,000 780,000 203,500 $1255500