The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information:Sales at $620,000, all for cash. Merchandise inventory on November 30 was $285,000.The cash balance at December 1 was $35,000.Selling and administrative expenses are budgeted at $111,000 for December and are paid in cash. Budgeted depreciation for December is $59,000.The planned merchandise inventory on December 31 is $315,000.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. The budgeted cash receipts for December are:

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)