The difference between cash receipts and cash disbursements for December would be:Multiple ChoiceO$32,800$69,300$109,850$44,250 Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:• Sales are budgeted at $310,000 for November, $330,000 for December, and $230,000 for January.• Collections are expected to be 60% in the month of sale and 40% in the month following the sale.• The cost of goods sold is 70% 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 costof goods sold. Payment for merchandise is made in the month following the purchase.• Other monthly expenses to be paid in cash are $23,100.• Monthly depreciation is $31,000.• Ignore taxes.AssetsCashBalance SheetOctober 31Accounts receivableMerchandise inventoryProperty, plant and equipment, net of $624,000 accumulated depreciationTotal assetsLiabilities and Stockholders' EquityAccounts payableCommon stockRetained earningsTotal liabilities and stockholders' equity$ 36,50087,000195,300925,000$ 1,243,800$ 259,000760,000224,800$ 1,243,800

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Description: The difference between cash receipts and cash disbursements for December would be:Multiple ChoiceO$32,800$69,300$109,850$44,250 Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:• Sales are

The cash budget is prepared to record the cash receipts and cash disbursements during the period.…

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Business

Accounting

The difference between cash receipts and cash disbursements for December would be: Multiple Choice $32,800 O $69,300 O $109,850 O $44,250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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