Rustic Store's Balance Sheet for December is: Balance Sheet Assets December Current Assets Cash 42,000 Accounts Receivable 187,200 Allowance for Doubtful Accounts 6,240 180,960 Inventory 100,800 Total Current Assets 323,760 Long-Term Assets Land 400,000 Building 80,000 Less: Accumulated Depreciation 8,000 72,000 Equipment Less: Accumulated Depreciation Total LT Assets. Total Assets 472,000 795,760 Liabilities & Owner's Equity Liabilities Accounts Payable 155,520 Liabilities & Owner's Equity Liabilities Accounts Payable Notes Payable, LT (8%) Total Liabilities Owner's Equity Retained Earnings Total Owner's Equity Total Liabilities & OE 155,520 100.000 255,520 540,240 540,240 795.760 The Building was purchased 2 years ago and has a useful life of 20 years. The Principal and Interest of the Notes Payable is due in 2 years, the interest rate is 8%. The Sales Budget for the January through April is: Sales in units Jan 28,000 Feb March April 29,000 29,000 26,000 The Sales Price is $26, Sales each month include: Cash Credit Collections of Credit Sales 40% 60%