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Accounting

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The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information Sales at $640,000, all for cash . Merchandise inventory on October 31 was $295,000 The cash balance November 1 was $37000 . Selling and administrative expenses are budgeted at $117000 for November and are paid for in cash. . Budgeted depreciation for November is $63,000 . The planned merchandise inventory on November 30 is $325,000. * 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 $505.000 O $640,000 O $135.000 o $703,000

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