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The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $530,000, all for cash. Merchandise
The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $530,000, all for cash. Merchandise Inventory on November 30 was $240,000. The cash balance at December 1 was $26,000. Selling and administrative expenses are budgeted at $84,000 for December and are paid in cash. . Budgeted depreciation for December is $41,000. The planned merchandise inventory on December 31 is $270.000. 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. The budgeted cash receipts for December are:
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