The Gomez Company, a merchandising firm, has budgeted its activity for December according to the following information:
%u2022 Sales at $840,000, all for cash.
%u2022 Merchandise Inventory on November 30 was $420,000.
%u2022 The cash balance at December 1 was $54,000.
%u2022 Selling and administrative expenses are budgeted at $62,000 for December and are paid for in cash.
%u2022 Budgeted depreciation for December is $41,000.
%u2022 The planned merchandise inventory on December 31 is $430,000.
%u2022 The cost of goods sold represents 64% of the selling price.
%u2022 All purchases are paid for in cash.
|
The budgeted cash receipts for December are: |
| $840,000 | |
| $537,600 | |
| $881,000 | |
| $302,400 |