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Laurie's company has budgeted the following amounts for sales and purchases in Q4 of FY2021;...

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Accounting

Laurie's company has budgeted the following amounts for sales and purchases in Q4 of FY2021; October sales of $70,000 and purchases of $50,000; November sales of $90,000 and purchases of $55,000; and December sales of $120,000 and purchases of $30,000. Sales are collected in the month of the sale and payments for purchases are made in the month following the purchase. Selling expenses are 10% of sales and administrative expenses are 15% of sales. Both of these expenses are paid in the month of sale. Rent expense of $6,000 is paid monthly. Depreciation expense of $3,000 is recognized each month. What is the net amount (cash collections less cash expenditures) of cash collected in November?

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