Handy Hardware is a retail hardware store. Information about the store's operations follows November 20x1 sales amounted to $420,000. Sales are budgeted at $460,000 for December 20x1 and $420,000 for January 20x2. Collections are expected to be 60 percent in the month of sale and 38 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly. The store's gross margin is 25 percent of its sales reven sed in the month prior to the month of sale, and 20 percent is purchased in the month of sale andise for resale Is is made in the month following the purchase. .A total of 80 f the merchar sale. Payment for merchand Other monthly expenses paid in cash amount to $45,400 Annual depreciation is $438,000 The company's balance sheet as of November 30, 20x1, is as follows: HANDY HARDWARE, INC. November 30, 20x1 Assets Cash 46,000 Accounts receivable (net of $7,200 allowance for uncollectible accounts) 154,000 300,000 Inventory lant, and equipment *net of $1.200.000 accumulated depreciation) 1,744,000 $2,244,000 Total assets iabilities and Stockholders Equity Accounts payable 339,000 Common stock 1,610,000 Retained earnings 295,000 Total liabilities and owner's equity $2,244,000 Required: 1. Compute the budgeted cash collections for December 20x1. 2. Compute the budgeted income (loss) before income taxes for December 20x1. 3. Compute the projected balance in accounts payable on December 31, 20x1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the budgeted cash collections for December 20x1 Budgeted cash collections Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the budgeted income (loss) before income taxes for December 20x1. Budgeted before taxes Required 1 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the projected balance in accounts payable on December 31, 20x1. Accounts payable Required 3> Required 2