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11. MC Qu. 146 The Adams Corporation, a merchandising ... The...

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Accounting

11. MC Qu. 146 The Adams Corporation, a merchandising ...

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

Sales at $500,000, all for cash.

Merchandise inventory on October 31 was $225,000.

The cash balance November 1 was $23,000.

Selling and administrative expenses are budgeted at $75,000 for November and are paid for in cash.

Budgeted depreciation for November is $35,000.

The planned merchandise inventory on November 30 is $255,000.

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:

A) $135,000

B) $535,000

C) $500,000

D) $365,000

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