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Day Farm Supply is located in a small town in the rural west. Data regarding...

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Accounting

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Day Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow Sales me budgeted at $303.000 for November, $323,000 for December, and $223.000 for January . Collections are expected to be 70% h the month of sale and 301 in the month following the sale. The cost of goods sold is 75% of sales. The company desires to have an ending merchandise Inventory ot the end of each month equal to 80% of the next month's purchase Other monthly expenses to be paid in cash are $22.400 Monthly depreciation is $27,000 gnore les of goods sold. Payment for merchandise is made in the month following the Balance Sheet Betober 31 Cash Accounts receivable Merchandise inventory Property, plant and equipment, net of 5624,000 accumulated depreciation Total assets 288,400 $18,000 $1,322,900 Liabilities and stockholders' Equity Mocounts payable common stock Betained earninga Total liabilities and stockholders' equity 252,000 753,000 317.900 $1,322,900 Expected cash collections in December are

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