Question
The Gomez Company, a merchandising firm, has budgeted its activity for December according to the following information Sales at $560,000, all for cash. Merchandise Inventory
The Gomez Company, a merchandising firm, has budgeted its activity for December according to the following information Sales at $560,000, all for cash. Merchandise Inventory on November 30 was $280,000. The cash balance at December 1 was $26,000. Selling and administrative expenses are budgeted at $34,000 for December and are paid for in cash. Budgeted depreciation for December is $27,000. The planned merchandise inventory on December 31 is $290,000. The cost of goods sold represents 64% of the selling price. All purchases are paid for in cash. The budgeted cash disbursements for December are:
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