Dilly Farm Supply is located in a small town in the rural west Data regarding the store's operations follow -010:50 Sales are budgeted at $303,000 for November $323,000 for December, and $223,000 for January . Collections are expected to be 70% in the month of sale and 30% in the month following the sale The cost of goods sold is 75% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 80% 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 $22.400. Monthly depreciation is $27.500 . Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets 33,000 83,50e 181,800 915,000 $1,216,300 753,000 Liabilities and Stockholders' Equity Accounts payable Comon stock Retained earnings Total liabilities and stockholders' equity $1,216,300 Next > Total assets $1,216,300 20 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 252,000 753,000 211,300 $1,216,300 01:07:00 The difference between cash receipts and cash disbursements for December would be Multiple Choice $55,350 o oo $31100