SALE Dily Farm Supply is located in a small town in the rural west Data regarding the stores operations follow Sales are budgeted at $299,000 for November, $319,000 for December and $219.000 for January Collections are expected to be 65% in the month of sale and 35% in the month following the sate The cost of goods sold is 80% of sales. The company desires to have an ending merchandise inventory at the end of each month equal to 70% 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 $22.000 Monthly depreciation is $25,500 . Ignore taxes Balance Sheet October 31 Assets Canh Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 32,500 81,500 167,440 1,013,000 $ 1.294,440 $ 240,00 749.000 297,440 $ 1.294,440 Accounts payable at the end of December would be MacBook Pro R Q Search Search Encrypt - $ % + 3 00. 6 4 9 0 5 7 0 E R I Y T U F G H