Reference no: EM132610174
The Bandeiras Company, a merchandising firm, has budgeted its activity for December according to the following information:
I. Sales at $550,000, all for cash.
II. Merchandise inventory on November 30 was $300,000.
III. Budgeted depreciation for December is $35,000.
IV. The cash balance at December 1 was $25,000.
V. Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash.
VI. The planned merchandise inventory on December 31 is $270,000.
VII. The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid for in cash.
Problem 1: What is the budgeted net income for December?
A) $137,500.
B) $107,500.
C) $77,500.
D) $42,500.
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