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Calculate the budgeted cash receipts for december

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Question - The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information:

• Sales at $580,000, all for cash.

• Merchandise inventory on November 30 was $265,000.

• The cash balance at December 1 was $31,000.

• Selling and administrative expenses are budgeted at $99,000 for December and are paid in cash.

• Budgeted depreciation for December is $51,000.

• The planned merchandise inventory on December 31 is $295,000.

• 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.

Calculate the budgeted cash receipts for December?

Reference no: EM131975034

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