Everywhere Sports is a retail store supplying sporting equipment to community sports clubs. Information about the stores operations is as follows:

24 Budgeted financial statements: retailer Everywhere Sports is a retail store supplying sporting equipment to community sports clubs. Information about the store's operations is as follows: - November sales amounted to $400000. - Sales are budgeted at $440000 for December and $400000 for January. - Receipts are expected to be 60 per cent in the month of sale and 38 per cent in the month following the sale. Two per cent of sales receipts are expected to be uncollectable. - The store's gross margin is 25 per cent of its sales revenue. - A total of 80 per cent of the merchandise for resale is purchased in the month prior to the month of sale, and 20 per cent is purchased in the month of sale. Payment for merchandise is made in the month following the purchase. - Other monthly expenses paid in cash amount to \$45200. - Annual depreciation is $432000. The balance sheet of Everywhere Sports as at 30 November is: Everywhere Sports Balance sheet 30 November Assets: Required: Calculate the following amounts: 1. budgeted cash receipts for December 2. budgeted profit (loss) before income taxes for December 3. projected balance in accounts payable on 31 December