COTB MC Qu. 8-74 (Algo) Assume a merchandising company provides the... Assume a merchandising company provides the following information from its mostet budget for the month of May. Sales Cash paid for merchandiso purchases Selling and administrative expenses Accounts payable, May 1st Accounts payable, Must $ 128,000 $ 82,000 $ 22,0 $ 16,200 $ 23,000 it the company maintains no beginning or ending merchandise inventory and makes all of its invertory purchases on account what is the budgeted net operating income for May Me Choice 522000 If the company maintains no beginning or ending merchandise inventory and makes all of its inventory purch for May? Multiple Choice 57 $23,000 $40,200 $34,400 $17,200 COTB MC Qu. 8-84 (Algo) Assume the following budgeted information for... Assume the following budgeted information for a merchandising company. Budgeted sales (all on credit) for November December, and January are $244,000. $214,000 and $205.000, respectively Cash collections related to credit sales are expected to be 80% in the month of sale, 20% in the month following the sale . The cost of goods sold is 65% of sales Each month's ending inventory equals 15% of next month's cost of goods sold 40% of each month's merchandise purchases are paid in the current month and the remainder is paid in the following month. Monthly selling and administrative expenses that are paid in cash in the month incurred total $23,000 Monthly depreciation expense is $7,000 . The budgeted net operating income for December would be The budgeted net operating income for December would be Multiple Choice $51,900 $23,956 $44,900 $30,956 Prey 4 of 20 Next