Goldark Sdn. Bhd. is a retail sporting goods store that uses an accrual accounting system, Facts regarding its operations follow: Sales are budgeted at RM 180,000 for December and RM150,000 for January terms 1/com (1% discount it pay end of the month), nino discount when pay in 60 days) Collections are expected to be 50% in the month of sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowancn nocount at the end of the month of sale Bad debts expense is included as part of operating expenses Gross margin is 30% of gross sales All accounts receivable are from credit sales. Bad debts are written off against the allowance account at the end of the month following the month of sale. GoldMark desires to have 80% of the merchandise for the following month's sales on hand at the end of each month. Payment for merchandise is made in the month following the month of purchase. Other monthly operating expenses to be paid in cash total RM14.400 Anual depreciation is RM138,000, one-twelfth of which is rellected as part of monthly operating expenses. GoldMark Sdn. Bhd's statement of financial position at the dose of business on November 30 follows: : GOLDMARK SDN. BHD Statement of Financial Position November 30, 2019 Assets Casti RM13,000 Accounts receivable Inet of RM14.000 allowance for doubtful accounts) 46,000 Inventory 100 800 Property, plant, and equipment Inet of RM530.000 accumulated depreciation) 910.000 Total assets RM1009 100 Liabilities and Stockholders Equity Accounts payable RM133.000 Common stock Retained earrings Total liabilities and equity 300,000 136,800 RM1,069,800 Required: 1. What is the total of budgeted cash collections for December? ? 5 (5 marks b. How much is the book value of accounts receivable at the end of December? 15 marks) c. How much is the income foss) before income taxes for December? (5 marks 5 d. What is the projected balance in inventory on December 31, 20197 15 marks) What are budgeted purchases for December? 15 marks) What is the projected balance in accounts payable on December 31, 2017