Diltex Farm Supply is in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $220,000 for November, $200,000 for December, and $210,000 for January Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible. The cost of goods sold is 65% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 50% 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 $22,500. Monthly depreciation is $19,000. Ignore taxes. Balance Sheet, October 31st . Cash Accounts receivable (net of allowance for uncollectible accounts) Merchandise inventory Property, plant & equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $16,000 76,000 71,500 956,000 $1,119,500 $147,000 840,000 132,500 $1,119,500 (a) Expected cash collections in December are: (2 points) (b) The cost of December merchandise purchases would be: (2 points) () December cash disbursements for merchandise purchases would be: (2 points) (d) The net income for December would be: (4 points) (e) The cash balance at the end of December would be: (4 points) (1) The accounts receivable balance, net of uncollectible accounts, at the end of December would be: (2 points) (g) Accounts payable at the end of December would be: (2 points) (h) Retained earnings at the end of December would be: (2 points)