The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $550,000, all for cash. Merchandise inventory on November 30 was $300,000. The cash balance at December 1 was $25,000. Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. Budgeted depreciation for December is $35,000. The planned merchandise inventory on December 31 is $270,000. The cost of goods sold is 75% of the sales price. All purchases are paid for in cash. There is no interest expense or income tax expense. 13) The budgeted cash receipts for December are: A) $412,500 B) $137,500 C) $585,000 D) $550,000 14) The budgeted cash disbursements for December are: A) $382,500 B) $442,500 C) $472,500 D) $477,500 15) The budgeted net income for December is: A) $107,500 B) $137,500 C) $42,500 D) $77,500