The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $510.000, all for cash. • Merchandise inventory on November 30 was $230,000. The cash balance at December 1 was $24,000. Selling and administrative expenses are budgeted at $78.000 for December and are paid in cash. • Budgeted depreciation for December is $37,000. • The planned merchandise inventory on December 31 is $260,000. 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: Multiple Choice $135.000 $375,000 $547,000 $510.000

The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information: Sales at $510.000, all for cash. • Merchandise inventory on November 30 was $230,000. The cash balance at December 1 was $24,000. Selling and administrative expenses are budgeted at $78.000 for December and are paid in cash. • Budgeted depreciation for December is $37,000. • The planned merchandise inventory on December 31 is $260,000. 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: Multiple Choice $135.000 $375,000 $547,000 $510.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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