Business, 17.06.2020 19:57 leopard7982
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:
Sales are budgeted at $330,000 for November, $310,000 for December, and $300,000 for January.
Collections are expected to be 50% in the month of sale and 50% in the month following the sale.
The cost of goods sold is 75% of sales.
The company would like to maintain ending merchandise inventories equal to 65% 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 $23,900.
Monthly depreciation is $14,900.
Ignore taxes.
Balance Sheet October 31
Assets Cash $21,300
Accounts receivable 71,300
Merchandise inventory 160,875
Property, plant and equipment, net of
$573,300 accumulated depreciation 1,095,300
Total assets $1,348,775
Liabilities and Stockholders' Equity
Accounts payable $255,300
Common stock 821,300
Retained earnings 272,175
Total liabilities and stockholders' equity $1,348,775
Required:
Expected cash collections in December are:
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