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Find the budgeted net income for december is

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Reference no: EM132514746

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

  1. Sales at $550,000, all for cash.
  2. Merchandise inventory on November 30 was $300,000.
  3. The cash balance at December 1 was $25,000.
  4. Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash.
  5. Budgeted depreciation for December is $35,000.
  6. The planned merchandise inventory on December 31 is $270,000.
  7. The cost of goods sold is 75% of the sales price.
  8. All purchases are paid for in cash.
  9. There is no interest expense or income tax expense.

Question 1: Find The budgeted net income for December is

Reference no: EM132514746

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