Copland Supplies Company is a retail store that purchases merchandizes from several makers of office equipment. Actual balance sheet is presented below:

Copland Supplies retained earnings balance at the end of November would be (Assume the company pays no interest and income tax when answering this question):

A. $64,000 B. $259,000 C. $218,000 D. $244,000 E. None of the above

Copland Supplies Company is a retail store that purchases merchandizes from several makers of office equipment. Actual balance sheet is presented below: Balance Sheet As of September 30, 2018 Cash $25,000 Accounts Receivable (Net of allowance for uncollectible accounts) $70,000 $79,625 $1,225,375 Inventory Property Plant Equipment (Net of $640,000 accumulated depreciation) Total Assets Accounts Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $1,400,000 $170,000 $1,050,000 $180,000 $1,400,000 To prepare budgets, the budget officer gathered addition budget data: Sales are budgeted at $350,000, $260,000, and $230,000, all on credit, for October, November, and December, respectively. The company will declare $15,000 dividend in October, which will be paid in November. Collections are expected to be 55% in the month of sale, 40% in the month following the sale, and 5% uncollectible. Copland Supplies recognizes bad debt expenses in the month sales are made. The cost of goods sold is 65% of sales. The ending merchandise inventory should be 35% of the following month sales needs. Payment for merchandise purchases is expected to be 60% in the month of purchase with the remaining paid in the following month. Monthly selling and administrative expenses to be paid in cash are $32,000. Monthly depreciation is $20,000