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The following data relate to the operations of Lim Corporation. a wholesale distributor of con- sumer goods: Current assets as of December 3': Dash ................................................................ 3 6.000 Accounts receivable .................................................. 36.000 Inveitory ............................................................ 0.000 Buildings and equipment. net ............................................ 10.885 Accounts payable ....................................................... 32.550 Common shares ........................................................ 100.000 Retained earnings ....................................................... 30.135 a. The gross margin is 30% of sales. b. Actual and budgeted sales data are as follows: December [action ...................... $50000 January ................................ 30.000 February ................................ 80000 March .................................. 85.000 April .................................. 55.000 6. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month follow- ing sale. The accounts receivable at December 31 are the result of December credit sales. d. Each month's ending inventory should equal 20% of the following month's budgeted cost of goods sold. e. One-quarter of a month's inventory purchases is paid for in the month of purchase; the other three-quarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory. 1? Monthly expenses are as follows: commissions. $12,000: rent. $1.800; other expenses (excluding depreciation). 8% of sales. Assume that these expenses are paid monthly. Depreciation is 32.400 for the quarter and includes depreciation on new assets acquired during the quarter. Equipment will be acquired for cash; $3.000 in January and $8.000 in February. Management would like to maintain a minimum cash balance of $5,000 at the end of each month. The company has an agreement with a local bank that allows it to borrow up to a total loan balance of $50,000. The interest rate on these loans is 0.5% per month, and interest payments must be made at the end of each month. Assume all borrowing occurs at the beginning of a month. The company will. as far as it is able. repay outstanding loans at the end of each month. awn