Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's
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Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:Sales are budgeted at $ for November, $ for December, and $ for January.Collections are expected to be in the month of sale and in the month following the sale.The cost of goods sold is of sales.The company desires to have an ending merchandise inventory at the end of each month equal to 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 $Monthly depreciation is $Ignore taxes.Balance SheetOctober AssetsCash$ Accounts receivableMerchandise inventoryProperty, plant and equipment, net of $ accumulated depreciationTotal assets$ Liabilities and Stockholders' EquityAccounts payable$ Common stockRetained earningsTotal liabilities and stockholders' equity$ The cash balance at the end of December would be: a$ b$ c$ d$
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