The adams company a merchandising firm has budgeted its

Reference no: EM13605781

The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:

• Sales at $457,000, all for cash
• Merchandise inventory on October 31 was $187,000.
• The cash balance November 1 was $29,000.
• Selling and administrative expenses are budgeted at $58,800 for November and are paid for in cash.
• Budgeted depreciation for November is $23,900.
• The planned merchandise inventory on November 30 is $232,000.
• The cost of goods sold is 60% of the selling price.
• All purchases are paid for in cash.
The budgeted cash disbursements for November are:

$378,000
$333,000
$515,800
$288,000

The budgeted net income for November is:

$245,200
$182,800
$100,100
$124,000

Reference no: EM13605781

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