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The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $590, 000, all for cash. Merchandise
The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $590, 000, all for cash. Merchandise inventory on October 31 was $270, 000. The cash balance November 1 was $32, 000. Selling and administrative expenses are budgeted at $102.000 for November and are paid far in cash. Budgeted depreciation for November $53, 000. The planned merchandise inventory on November 30 is $300, 000. The cost of goods sold is 70% of the selling price. All purchases are paid for in cash. There is no interest expense or Income tax expense. The budgeted cash receipts for November are: $455, 000 $590, 000 $135, 000 $643, 000
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