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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations...

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Accounting

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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow Sales are budgeted at $290,000 for November, $270,000 for December, and $260,000 for January Collections are expected to be 40% in the month of sale and 60% in the month following the sale . The cost of goods sold is 75% of sales. . The company would like to maintain ending merchandise inventories eoual to 65% of the next month's cost ofgoods sold. Payment for merchandise is made in the month following the purchase Other monthly expenses to be paid in cash are $23,500 . Monthly depreciation is $14,500 . Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of $573,700 accumulated depreciation $ 21,700 71,700 141,375 1,095,700 1 of 12 Next >

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