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Colerain Corp, is a merchandising company that is preparing a profit plan for the third quarter of the calendar year. The company's balance sheet as
Colerain Corp, is a merchandising company that is preparing a profit plan for the third quarter of the calendar year. The company's balance sheet as of June 30 is shown below: Colerain Corp., Balance Sheet as of June 30 Total liabilities and stockholders equity sq58.uUR Colerain's managers have made the following additional assumptions and estimates: - Estimated sales for July, August, September, and October will be $200,000,$220,000,$210,000. and $230,000 respectively. - All sales are on credit and all credit sales are collected. Each month's credit sales are collected 30% in the month of sale and 70% in the following month. All of the accounts receivable at June 30 will be collected in July. - Each month's ending inventory must be equal to 40% of the cost of the next month's sales. The cost of goods sold is 65% of sales. The company pays for 50% of its merchandise purchases in To answer the following questions, prepare the firm's balance sheet as of September 30 . Use the -ahadiulan and tha ineama etatamant tn accict in the nrenaration
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