The Gomez Company, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $500,000, all for cash. Merchandise Inventory on November 30 was $250,000. The cash balance at December 1 was $20,000. Selling and administrative expenses are budgeted at $50,000 for December and are paid for in cash. Budgeted depreciation for December is $30,000. The planned merchandise inventory on December 31 is $260,000. The cost of goods sold represents 75% of the selling price. All purchases are paid for in cash. Required: (SHOW ALL WORK) a. What is the budgeted cash receipts for December? b. What is the budgeted cash disbursements for December? c. What is the budgeted net income for December?