The following budgeted information is collected for a merchandising company: Budgeted sales (all on credit) for November, December, and January are $250,000, $220,000, and $200,000, respectively. Cash collections of sales are expected to be 75% in the month of sale and 23% in the month following the sale. The remainder of the sales is expected to be uncollectible. The cost of goods sold is always 65% of sales. Each month's ending inventory equals 20% of next month's cost of goods sold. 40% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. Monthly selling and administrative expenses that are paid in cash in the month incurred total $20,500. Monthly depreciation expense is $20,000. Dividends of $5,000 to be declared in December and paid in Janauary. . The expected cash collections from customers in December are: O $222,500 O $227,500 O $220,000 O $250,000 The ending balance of Accounts Payable for December is: O $56,160 O $140,400 O $84,240 O $95,160 The expected net operating income for December is: O $56,500 O $47,100 O $32,100 O $84,240 O $95,160 The expected net operating income for December is: O $56,500 O $47,100 O $32,100 O $36,500 The expected cash disbursements in December are: O $191,820 O $158,500 O $160,900 O $171,820 Contrary to the scenario above, suppose management is expected to face a cash shortage. The company's cash ending balance for December is expected to be negative ($5,600), way below the minimum level $40,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $100,000. The interest rate on these loans is 1% per month and payable on the last day of each morn. How much should the management borrow from the bank on December 1? O $ 46,061 O $ 47,000 O $ 46,000 O $ 46,100