Retained earnings at the end of December would be:

[Jilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: - Sales are budgeted at $301000 for November. $320000 for December. and $220000 for January. - Collections are expected to be T096 in the month of sale and 3096 in the month following the sale. - The cost of goods sold is T596 of sales. - The company desires to have an ending merchandise inventory at the end of each month equal to 00% ofthe next month's cost of goods sold. Paymentfor merchandise is made in the month following the purchase. - Other monthly expenses to be paid in cash are 1523.000. - Monthly depreciation is $30.50!). - Ignore taxes Balance Sheet October 31 Assets Cash $ 30,000 Accounts receivable 05,500 Merchandise inventory 185,400 Property, plant and equipment, net of $624,000 accumulated 924 000 depreciation ' Total assets $1,231,000 Liabilities and 5tockholders' Equity Accounts payable 5 250,000 (omen stock 350,000 Retained earnings 214,000 Total liabilities and stockholders' equity $1,231,993 Retained earnings atthe end of December would be: Mumps Choice . $10300 $2143.30 $143 .400 O O $251400 0