11Common stockRetained earningsTotal liabilities and stockholders' equity.The difference between cash receipts and cash disbursements for December would be:Multiple ChoiceOhapters 8 and 9OOO$50,063$66,750Saved$36,625$106,100822,500164,475$ 1,243,475 11Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:• Sales are budgeted at $210,000 for November, $190,000 for December, and $180,000 for JanuaryCollections are expected to be 50% in the month of sale and 50% in the month following the sale.The cost of goods sold is 55% of sales.The company would like to maintain ending merchandise inventories equal to 45% of the next month's cost of goods sold. Payment formerchandise is made in the month following the purchase.• Other monthly expenses to be paid in cash are $22,700.Monthly depreciation is $13,700.Ignore taxes.AssetsCashBalance SheetOctober 31Accounts receivable.Merchandise inventory.Property, plant and equipment, net of $574,500 accumulated depreciationTotal assetsLiabilities and Stockholders' EquityAccounts payableCommon stockRetained earnings.Total liabilities and stockholders' equity$ 22,50072,50051,9751,096, 500$ 1,243,475$ 256,500.822,500164, 475$ 1,243,475

Name: 11Common stockRetained earningsTotal liabilities and stockholders' eq
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Description: 11Common stockRetained earningsTotal liabilities and stockholders' equity.The difference between cash receipts and cash disbursements for December would be:Multiple ChoiceOhapters 8 and 9OOO$50,063$66,750Saved$36,625$106,100822,500164,475$ 1,243,475

The budget is prepared to estimate the requirements for the period. The cash receipts schedule is…

Answered: The difference between cash receipts…

Business

Accounting

The difference between cash receipts and cash disbursements for December would be: Multiple Choice O$50.063 O $66.750 $36.625 O $106.300

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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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $230,000 for November, $210,000 for December, and $200,000 for January. • Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 65% of sales. The company would like to maintain ending merchandise inventories equal to 55% 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 $22,900. Monthly depreciation is $13,900. Ignore taxes. ● ● ● ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements…
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