Business, 30.03.2020 22:34 Ponypepper5699
Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Sales are budgeted at $300,000 for November, $320,000 for December, and $220,000 for January.
Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 75% of sales.
The company desires to have an ending merchandise inventory at the end of each month equal to 80% 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 $22,100.
Monthly depreciation is $26,000. Ignore taxes.
Balance Sheet October 31
Assets
Cash $ 30,000
Accounts receivable 82,000
Merchandise inventory 186,400
Property, plant and equipment, net of $624,000 accumulated depreciation 1,014,000
Total assets $ 1,312,400
Liabilities and Stockholders' Equity
Accounts payable $ 246,000
Common stock 750,000
Retained earnings 316,400
Total liabilities and stockholders' equity $ 1,312,400
Expected cash collections in December are:
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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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