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Carter Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow:
o Sales are budgeted at $380,000 for November, $390,000 for December, and $400,000 for January.
o Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible.
o The cost of goods sold is 65% of sales.
o The company desires to have an ending merchandise inventory equal to 80% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.
o Other monthly expenses to be paid in cash are $22,000.
o Monthly depreciation is $20,000.
o Ignore taxes. Balance Sheet October 31
Assets Cash $13,000
Accounts receivable, net of allowance for uncollectible accounts 77,000
Inventory 197,600
Property, plant and equipment, net of $502,000
accumulated depreciation 992,000
Total assets $1,279,600
Liabilities and Stockholders' Equity Accounts payable $240,000
Common stock 780,000
Retained earnings 259,600
Total liabilities and stockholders' equity $1,279,600
The accounts receivable balance, net of uncollectible accounts, at the end of December would be:
A. $207,900
B. $105,300
C. $117,000
D. $88,700
The cash balance at the end of December would be:
A. $182,400
B. $13,000
C. $114,400
D. $195,400
Retained earnings at the end of December would be:
A. $259,600
B. $445,100
C. $422,000
D. $342,400
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