Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Sales are budgeted at $281,000 for November, $321,000 for December, and $212,000 for January.
Collections are expected to be 75% in the month of sale and 25% in the month following the sale.
The cost of goods sold is 75% of sales.
The company desires to have an ending merchandise inventory at the end of each month equal to 90% 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 $20,100.
Monthly depreciation is $22,000.
Ignore taxes.

Balance Sheet
October 31

Assets:
Cash $ 20,000
Accounts receivable 79,500
Merchandise inventory 227,400
Property, plant and equipment, net of $624,000 accumulated depreciation 976,000
Total assets $1,302,900
Liabilities and Stockholders Equity:
Accounts payable $244,000
Common stock 745,000
Retained earnings 313,900
Total liabilities and stockholders' equity $1,302,900

Required:
Expected cash collections in December are $.

Based on the information given the expected cash collections in December are $311,000.

Using this formula

Expected cash collections =December sales+ November sales

Let plug in the formula

Expected cash collections in December:

December sales $240,750

($321,000 ×75%)

November sales $70,250

($281,000×25%)

Expected cash collections $311,000

($240,750+$70,250)

Inconclusion the expected cash collections in December are $311,000.

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The accounts payable at the end of December would be $ 167,175

Explanation:

Particulars  November              December              January    

Sales  $ 281,000.00  $ 321,000.00  $ 212,000.00

COGS  $ 210,750.00  $ 240,750.00   $ 159,000.00

Particulars  November               December          January         COGS  $ 210,750.00               $ 240,750.00          $ 159,000.00

Add:  

Desired Ending $ 216,675.00         $ 143,100.00  

Inventory    

Less:

Beginning Inventory $ 189,675.00  $ 216,675.00        

Purchase Required  $ 237,750.00  $ 167,175.00  

Therefore, accounts payable at the end of December would be $ 167,175

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