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

4.4 Ratings (653 Votes)

	November	December	January
sales	230000	210000	200000
cost of goods sold-65% of next month sale		130000

Cash collection:
40% in the month of sales	92000	84000	80000
60% in the month following sales		138000
total cash collection		222000

payment to supplier		142350
cash expense		22900

total cash disbursed		165250
difference between cash receipts and cash disbursement		56750
	November	december	January
cogs -65% of sales	149500	136500	130000
ending inventory = 55% of next month sales	75075	71500

beginning inventory	82225	75075
Purchase = total inventory available-opening inventory	142350	132925
total inventory available during the year = ending inventory+ cost of goods sold	224575	208000
ending inventory	75075	71500
cost of goods sold	149500	136500

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Balance Sheet October 31
Assets
Cash	$	22,300
Accounts receivable		72,300
Merchandise inventory		82,225
Property, plant and equipment,net of $574,300 accumulated depreciation		1,096,300
Total assets	$	1,273,125

Liabilities andStockholders' Equity
Accounts payable	$	256,300
Common stock		822,300
Retained earnings		194,525
Total liabilities andstockholders' equity	$	1,273,125

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