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The BAN Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $570,000, all for cash. Merchandise inventory
The BAN Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $570,000, all for cash. Merchandise inventory on November 30 was $260,000. The cash balance at December 1 was $30,000. Selling and administrative expenses are budgeted at $96,000 for December and are paid in cash. Budgeted depreciation for December is $49,000. The planned merchandise inventory on December 31 is $290,000. The cost of goods sold is 70% of the sales price. All purchases are paid for in cash. There is no interest expense or income tax expense. What are the budgeted cash receipts for December
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