The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the
â€¢ Sales at $450,000, all for cash.
â€¢ Merchandise inventory on October 31 was $200,000.
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â€¢ The cash balance November 1 was $18,000.
â€¢ Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.
â€¢ Budgeted depreciation for November is $25,000.
â€¢ The planned merchandise inventory on November 30 is $230,000.
â€¢ The cost of goods sold is 70% of the selling price.
â€¢ All purchases are paid for in cash.
â€¢ There is no interest expense or income tax expense.
How much are the budgeted cash receipts for November?
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