Use the following information to answer Questions 3-7: Justin's Plant Store, a retailer, started operations on January 1. On that date, the only assets were $16,000 in cash and $3,500 in merchandise inventory. For budget preparation purposes, assume that the Company's cost of goods sold is 60% of sales. Expected sales for the first four months are as follow: January February March April Expected Sales $10,000 $24,000 $16,000 $25,000 The Company desires that the merchandise inventory on hand equal to 50% of the next month's merchandise sales (at cost). All merchandise inventory purchases must be paid for in the month of purchase. Sixty percent of all sales will be in cash with the rest on credit. Seventy-five percent of credit sales will be collected in the month after sale with the balance collected in the following month. Variable operating expenses will be 10% of sales and fixed expenses (all depreciation) is equal to $3,000 per month. Cash payments for variable expenses are made in the month incurred. In a budgeted income statement for the month of February, what would be the net income? Question 7 (1 point) In a budget of cash disbursements for March, what would be the total cash disbursements? $11,200 O $13,900 O $16,900 O $22,300 Question 81 point)