Quiz 3 (Chapters 7,8,810) Saves Help Save & Exit Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow. 9 3 00.3144 Sales are budgeted at $370.000 for November, $350,000 for December, and $340,000 for January Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 70% of sales. The company would like to maintain ending merchandise inventories equal to 60% 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 $24.300. Monthly depreciation is $15,300. Ignore taxes Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $572,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 20,30 70,300 155,400 1,694,380 $ 1,340, 380 $ 254,380 820,3ee 265,789 $ 1,340, 380 The difference between cash receipts and cosh disbursements for December would be: Multiple Choice $39.400 $63.075 $127.600 $94.100