The Adams Corporation, a merchandising firm, has budgeted its information actvit

Question

The Adams Corporation, a merchandising firm, has budgeted its information actvity for November according to the folowing .Sales at $586,000, all for cash. . Merchandise inventory on October 31 was $287000 The cash balance November 1 was $21,300 . Selling and administrative expenses are budgeted at $62.000 for November and are paid for in cash Budgeted depreciation for November is $32.800 . The planned merchandise inventory on November 30 is $322.000 . The cost of goods sold is 80% of the selling price. . All purchases are pald for in cash . There is no interest expense or income tax expense The budgeted cash eceipts for November are O $468.800 O $586.000 O $117.200 O $611000 O Type here to search sC 40 8 3 4 5 6

Explanation / Answer

Correct Answer $586000.

Explanation

It is stated in the question that all sales are for cash. The amount of sales in November is $586000 hence cash receipts are $586000.

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