Day Farm Supply is located in a small town in the rural west Data regarding the store's operations follow Sales are budgeted at $299,000 for November. $319,000 for December, and $219.000 for January . Collections are expected to be 65% in the month of sale and 35% in the month following the sale, The cost of goods sold is 80% of sales The company desires to have arrending merchandise Inventory at the end of each month equal to 70% 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 $22.000 Monthly depreciation is $25.500 Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise Inventory Property, plant and equipment, net of $624, eee accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders equity $ 32,500 81,500 167,440 1.013,000 $ 1.294,440 $ 248,000 749,000 297,440 $ 1,294,440 Accounts payable at the end of December would be Which of the following is not an advantage of using self-imposed budgets? Multiple Choice They generally increase motivation by allowing people to participate in setting their own goals They are often more accurate than estimates prepared by top managers because frontline workers being a broad strategic perspective to the budgeting process They are often more accurate than estimates prepared by top managers because frontline workers have more intimate knowledge of day to day operations They recognize individuals at all levels of the organization os members of the team whose views are valued by top management