Question - The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information:
• Sales at $580,000, all for cash.
• Merchandise inventory on November 30 was $265,000.
• The cash balance at December 1 was $31,000.
• Selling and administrative expenses are budgeted at $99,000 for December and are paid in cash.
• Budgeted depreciation for December is $51,000.
• The planned merchandise inventory on December 31 is $295,000.
• The cost of goods sold is 70% of the sales price.
• All purchases are paid for in cash.
• There is no interest expense or income tax expense.
Calculate the budgeted cash receipts for December?