2nd Mid term led, ap × value 12.00 points MC Qu. 146 The Adams Corporation, a me

Question

2nd Mid term led, ap × value 12.00 points MC Qu. 146 The Adams Corporation, a merchandising Corporation, a merchandising firm, has budgeted its activity for November according to the Sales at $480,000, all for cash Merchandise inventory on October 31 was $215,000 The cash balance November 1 was $21.000 . Seling and administrative expenses are budgeted at $69.000 for November and are paid for cash Budgeted depreciation for November is $31,000 The planned merchandise inventory on November 30 is $245,000 The cost of goods sold is 70% of the selling price All purchases are paid for in cash There is no interest expense or income tax expense The budgeted cash receipts for November are O $511,000 O $480.000 $135,000 O $345,000

Explanation / Answer

Answer is 480000

As all sales are made in cash that is there is no accout receivable

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