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 $285,00. • 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. or income tax expense

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…