Uwy Farm Supply is located in a small town in the rural West Uata regarding the stores operations to Sales are budgeted at $296,000 for November, $316,000 for December, and $216,000 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 $21,700. Monthly depreciation is $24,000. . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets $ 28,000 80,000 165,760 1,010,000 $1,283,760 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 242,000 746,000 295,760 $1,283,760 The difference between cash receipts and cash disbursements for December would be 00:55:19 eBook Multiple Choice o $39,300 o $11,300 o $40,000 o $17.400 Grave