The Bandeiras Company, a merchandising firm, has budgeted its activity for December according to the following information:
- Sales at $560,000, all for cash.
- Merchandise inventory on November 30 was $304,000.
- Budgeted depreciation for December is $34,000.
- The cash balance at December 1 was $24,000.
- Selling and administrative expenses are budgeted at $57,000 for December and are paid in cash.
- The planned merchandise inventory on December 31 is $277,000.
- The invoice cost for merchandise purchases represents 70% of the sales price. All purchases are paid for
The budgeted net income for December is:
$73,000© BrainMass Inc. brainmass.com June 3, 2020, 9:57 pm ad1c9bdddf
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Solution shows calculations of Budgeted Net Income for Bandeiras Company