TV illy Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: . Sales are budgeted at $293,000 for November, $313,000 for December, and $213,000 for January Collections are expected to be 65% in the month of sale and 35% in the month following the sale. 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 $21,400 Monthly depreciation is $22,500. Ignore taxes. Balance Sheet October 31 Assets Cash 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 $ 26,500 78,500 164,080 1,007,000 $ 1,276,080 $ 239,000 743,000 294,080 $ 1,276,080 Accounts payable at the end of December would be