loader  Loading... Please wait...

Question(s) / Instruction(s):

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

             Sales at $457,000, all for cash

             Merchandise inventory on October 31 was $199,000.

             The cash balance November 1 was $13,000.

             Selling and administrative expenses are budgeted at $58,700 for November and are paid for in cash.

             Budgeted depreciation for November is $24,300.

             The planned merchandise inventory on November 30 is $235,000.

             The cost of goods sold is 60% of the selling price.

             All purchases are paid for in cash.

The budgeted net income for November is:

A.            $99,800

B.            $182,800

C.            $261,200

D.            $124,100

Find Similar Answers by Subject


Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)


Expert's Answer
Download Solution:
$1.79

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)

You Recently Viewed...



Reach Us

408-538-8534

20-3582-4059

39-008-4233

+1-408-904-6494