Business, 31.12.2020 19:10 krishawnnn
Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Sales are budgeted at $305,000 for November, $325,000 for December, and $225,000 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 $22,600.
Monthly depreciation is $28,500.
Assets
Cash $34,000
Accounts receivable 84,500
Merchandise inventory 170,800
Property, plant and equipment, net of $624,000 accumulated depreciation 920,000
Total assets $1,209,300
Liabilities and Stockholders' Equity
Accounts payable $254,000
Common stock 755,000
Retained earnings 200,300
Total liabilities and stockholders' equity $1,209,300
The difference between cash receipts and cash disbursements for December would be:
a. $6,200
b. $13,500
c. $25,900
d. $40,200
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Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operation...
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