Business, 13.04.2021 01:50 carlydays4403
Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow:
Sales are budgeted at $370,000 for November, $340,000 for December, and $320,000 for January.
Collections are expected to be 90% in the month of sale and 10% in the month following the sale.
The cost of goods sold is 80% of sales.
The company desires to have an ending merchandise inventory equal to 50% of the following 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 $26,700.
Monthly depreciation is $20,000.
Ignore taxes.
Assets Cash $13,000
Accounts receivable, net of allowance for uncollectible accounts 77,000
Inventory 197,600
Property, plant and equipment, net of $502,000
accumulated depreciation 992,000
Total assets $1,279,600
Liabilities and Stockholders' Equity Accounts payable $240,000
Common stock 780,000
Retained earnings 259,600
Total liabilities and stockholders' equity $1,279,600
The accounts receivable balance, net of uncollectible accounts, at the end of December would be:
Answers: 2
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Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized t...
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