A company's data regarding its operations follow: 1. Sales budget November $360,000 December $375,000 January $450.000 2. Collection schedule: Month of sale 70% Next month 28% Uncollectible 2% 3. The cost of goods sold is 50% of sales. 4. Other monthly expenses to be paid in cash are $21,000 5. Monthly depreclation is $15,000. 6.60% of the purchase is paid for in the month of purchase, the remainder is paid in the following month. 7. The company declared a special dividend of $10,000 on November 5 to be paid on November 30. Q. Budgeted net income for November would be: ?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company's data regarding its operations follow: 1. Sales budget November $360,000 December $375,000 January $450.000 2. Collection schedule: Month of sale 70% Next month 28% Uncollectible 2% 3. The cost of goods sold is 50% of sales. 4. Other monthly expenses to be paid in cash are $21,000 5. Monthly depreclation is $15,000. 6.60% of the purchase is paid for in the month of purchase, the remainder is paid in the following month. 7. The company declared a special dividend of $10,000 on November 5 to be paid on November 30. Q. Budgeted net income for November would be: ?
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