Q#1 HASF and company is a retails hardware store information about the store operations follows
November 2017 sales	400,000
Sales are budgeted 440,000 for December and 4 00,000 for January 2018
Credit sales typically are 80% of total sales Collection are expected to 55% in the month of sales and 45% in the month following sales
Gross profit margin 25%
A total 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 purchase
Other month expenses paid in cash amount 45,200
Annual depreciation is 432,000
The company balance sheet as of November 30 2017 is as follow
HASF Hardware inc
Balance sheet
As on November 30 2018
Cash	44,000
A/c receivable	152,000
Inventory	280,000
Property plant and equipment	1,724,000
Total assets	2,200,000
a/c payable	324,000
common stock	1,590,000
Retained earning	286,000
Total liabilities and owner equity	2,200,000
Required Find out the following ( 01 Marks each ) 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 Total amount of cash will be received in Dec Value of Purchase in the month of Dec Cash disburstment for inventory purchase in Dec Total cash disburstment in Dec Beginning cash balance in Dec total cash will be available before disbursment Excess or Deficiency balance at Dec 31 Value of cost of goods sold in Dec 31 Gross profit in Dec 31 net profit in Dec 31