Question - The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information:
- Sales at $520,000, all for cash.
- Merchandise inventory on October 31 was $235,000.
- The cash balance November 1 was $25,000.
- Selling and administrative expenses are budgeted at $81,000 for November and are paid for in cash.
- Budgeted depreciation for November is $39,000.
- The planned merchandise inventory on November 30 is $265,000.
- 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.
Calculate the budgeted cash receipts for November?
$385,000
$520,000
$135,000
$559,000