Adams Corporation, a trading company, has budgeted for November based on the following information: Sales at
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Question:
• Sales at $612,000, all cash.
• Merchandise inventory as of October 31 was $212,000.
• The cash balance as of November 1 was $21,600.
• Selling and administrative expenses are budgeted at $54,000 for November and are paid in cash.
• The budgeted depreciation for November is $28,400.
• Planned merchandise inventory for November 30 is $245,200.
• The cost of goods sold is 85% of the sale price.
• All purchases are paid for in cash.
• There is no interest expense or income tax expense.
Find the budgeted cash outlays for November.
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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