Q#1 HASF and company is a retails hardware store information about the store operations followsNovember 2017 sales400,000Sales are budgeted 440,000 for December and 4 00,000 for January 2018Credit sales typically are 80% of total sales Collection are expected to 55% in the month of sales and 45% in the month following salesGross profit margin 25%Atotal of 80% of the merchandise for resale its purchase in the month prior to the month of sales and 20%is purchase in the month of sales payment for merchandise is made in the month following the purchaseOther month expenses paid in cash amount 45,200Annual depreciation is 432,000The company balance sheet as of November 30 2017 is as followHASFHardware incBalance sheetAs on November 30 2018Cash44,000A/c receivable152,000Inventory280,000Property plant and equipment1,724,000Total assets2,200,000a/c payable324,000common stock1,590,000Retained earning286,000Total liabilities and owner equity2,200,000 Required Find out

Amount of credit sales in Dec

Amount of cash sales in Dec

Amount of cash will be received from Nov sales

Amount of cash will be received from Dec credit sales

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Value of Purchase in the month of Dec

Cash disburstment for inventory purchase in Dec

Total cash disburstment in DecBeginning cash balance in Dectotal cash will be available before disbursmentExcess or Deficiency balance at Dec 31Value of cost of goods sold in Dec 31Gross profit in Dec 31net profit in Dec 31