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Diltex Farm Supply is located in a small town in the rural west. Data regarding the store’s operations follow: ? Sales are budgeted at $200,000 for November, $220,000 for December, and $210,000 for January. ? Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible. ? The cost of goods sold is 62% of sales. ? The company desires to have an ending merchandise inventory at the end of each month equal to 50% 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 $22,500. ? Monthly depreciation is $19,000. ? Ignore taxes. Statement of Financial Position October 31 Assets Cash $ 16,000 Accounts receivable (net of allowance for uncollectible accounts) 76,000 Merchandise inventory 71,500 Property, plant & equipment (net of $536,000 accumulated depreciation) 956,000 Total assets $1,119,500 Liabilities & Stockholders’ Equity Accounts payable $ 147,000 Common stock 840,000 Retained earnings 132,500 Total Liabilities & Stockholders’ equity $1,119,500 8. Expected cash collections in December are: A. $67,400 B. $148,000 C. $207,400 D. $208,000 9. The cost of December merchandise purchases would be: A. $143,150 B. $78,150 C. $139,900 D. $152,900 10. December cash disbursements for merchandise purchases would be: A. $127,200 B. $58,950 C. $123,950 D. $120,700 11. The difference between cash receipts and cash disbursements for December would be: A. $16,900 B. $54,800 C. $38,400 D. $45,600 12. The net income for December would be: A. $47,400 B. $29,500 C. $54,500 D. $35,500 13. The cash balance at the end of December would be: A. $127,300 B. $26,400 C. $111,300 D. $66,800 14. The accounts receivable balance, net of uncollectible accounts, at the end of December would be: A. $81,400 B. $112,800 C. $59,400 D. $53,400
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