Assume a merchandising company provides the following information from its master budget for the month of May: Cash collections from customers Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Accounts receivable, May 1st Accounts receivable, May 31st $ 125,000 $ 90,000 $ 85,000 $ 32,000 $ 28,000 $ 16,000 $ 19,000 If all of the company's sales are on account, what is the budgeted net operating income for May? Multiple Choice $22,000 $12,000