Dynamic - Problem and answer changes with each attempt (consider an Excel solution) Farm Supply is located in a small town on the coast of California. Data regarding the store's operations follow: Sales are budgeted at 310,508 for November, $ 332,240 for December, and $ 235,717 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 Liabilities and Stockholders' Equity $ 33,000 83,500 181,800 918,000 $ 1,216,300 Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $252,000 753,000 211,300 $ 1,216,300 Calculate the difference between cash receipts and cash disbursements for December. Hint: Range of answer is 45,000 to 60,000