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Lerner Merchandising has budgeted its activity for December according to the following information: Sales at $800,000, all for cash. Budgeted...
Lerner Merchandising has budgeted its activity for December according to the following information:
1. Sales at $800,000, all for cash.
2. Budgeted depreciation for December is $20,000.
4. The cash balance at December 1 was $20,000.
5. Selling and administrative expenses are budgeted at $70,000 for December and are paid for in cash.
6. The planned merchandise inventory on December 31 and December 1 is $24,000.
7. The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid in cash.
How much are the budgeted cash disbursements for December?
