TB MC Qu. 8-118 (Algo) Bramble Corporation is a small wholesaler... Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow Sales are budgeted at $320,000 for November, $300.000 for December, and $290,000 for January . Colections 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 Ite to maintain ending merchandise inventores equal to 70% of the next monti'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 $23,000 Month depreciation is $14,000 rretes Balance Sheet October 31 Assets $ 21,400 71.400 156,800 1.095,00 $ 1,345,000 Accounts receivable Merchandise Inventory Property, plant and equipment, net of $573,400 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earning Total liabilities and stockholders' equity $ 255,400 821,400 268,200 $ 1.345.000 Expected cash collections in December