Cash Balance December 31, 20X1 $90 Accounts receivable (net) 225 Other current assets 45 $360 Long-term assets $750 Less: Accumulated depreciation 150 600 Total assets $960 Expenses payable $180 Mortgage payable 360 $540 Common stock $200 Retained earnings 220 420 Total liabilities and equities $960 NOVEMBER, INC Income Statement For the year ending December 31, 20X1 Revenues $2,000 Expenses 1,500 Net Income $500 Other information: a. Revenues for 20x2 are expected to increase by 10%. b. Fixed expenses will remain constant at $500; the remaining expenses will continue to vary directly and proportionally with revenues. C. Accounts receivable at December 31, 20X2 are expected to be 10% of 20X2 revenue. d. NOVEMBER plans a fixed (long-term) asset addition on January 1, 20x2 with a cost of $250. All fixed (long-term) assets have a useful life of 10 years, are depreciated on a straight-line basis and have no anticipated salvage value. e. Expenses payable at December 31, 20x2 are expected to total 20% of total expenses. f. The 20x2 payment on the mortgage is $60 which included $ 10 of interest expense (that is $50 of principal and $10 of interest expense). g. NOVEMBER plans to pay a dividend of $50 during 20x2. h. The "other current assets" at December 31, 20X2 are expected to decrease by $25 to $20 at December 31, 20x2 (because of the sale (at cost] of an asset included in other current assets at December 31, 20x1 during 20X2). i. During 20X2, common stock was sold for $600. Required Total cash receipts from all sources for 20x2 were $ 0 Total cash payments for all purposes during 20x2 were $ 0