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Quiz: W10 Brim 03 (Remote * | Managerial Accounting 10 Exam 03 -> https://ezto.mheducation.com/hm.tpx IIll Intermedia Custom... Dell Bing NOVAtime o Sales are budgeted at $380,000 for November, $390,000 for December, and $400,000 for January. o Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible. o The cost of goods sold is 65% of sales. o The company desires to have an ending merchandise inventory equal to 80% 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 $22,000. Monthly depreciation is $20,000. o Ignore taxes. Balance Sheet October 31 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 $240,000 780,000 Common stock 259,600 Retained earnings $1,279,600 Total liabilities and stockholders' equity Accounts payable at the end of December would be: $50,700 $253,500 $258,700 $208,000