Final answer:
The question is about the budgeted cash receipts for the Gomez Company, which requires additional information to answer. In the reference self-check questions, the firm's accounting profit is calculated by subtracting the total costs from sales revenue, resulting in a profit of $50,000.
Step-by-step explanation:
The question provided pertains to the budgeting aspect of a company, specifically regarding the budgeted cash receipts for the Gomez Company for the month of December. To answer a budgeting question such as this, one would typically need additional information such as expected sales, collections on account, and other sources of cash. However, the question seems to be a part of a multiple-choice quiz or test, and the details needed to accurately deduce the answer are not provided. Nevertheless, the concept being tested here is the ability to calculate or estimate budgeted cash receipts given specific financial information about the company.
As for the self-check questions provided in the reference information, the calculation of a firm's accounting profit is a straightforward mathematical exercise. The firm's accounting profit is calculated by subtracting the total expenses from the total sales revenue. Using the numbers given, we have:
Sales Revenue: $1,000,000
Labor Costs: $600,000
Capital Costs: $150,000
Material Costs: $200,000
Accounting Profit = Sales Revenue - (Labor Costs + Capital Costs + Material Costs)
Accounting Profit = $1,000,000 - ($600,000 + $150,000 + $200,000)
Accounting Profit = $1,000,000 - $950,000
Accounting Profit = $50,000
Therefore, the firm's accounting profit last year was $50,000.