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miss Akunina [59]
3 years ago
14

Morgan Company's budgeted income statement reflects the following amounts:Sales Purchases ExpensesJanuary $ 120,000 $ 78,000 $ 2

4,000 February 110,000 66,000 24,200 March 125,000 81,250 27,000 April 130,000 84,500 28,600 Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% in the second month following sale. One percent of sales is uncollectible and expensed at the end of the year.Morgan pays for all purchases in the month following purchase and takes advantage of a 3% discount. The following balances are as of January 1:Cash $ 88,000 Accounts receivable* 58,000 Accounts payable 72,000 *Of this balance, $35,000 will be collected in January and the remaining amount will be collected in February.The monthly expense figures include $5,000 of depreciation. The expenses are paid in the month incurred.Morgan’s expected cash balance at the end of February is:a.$87,000.b.$89,160.c.$92,000.d.$94,160.e.$113,300.
Business
1 answer:
Whitepunk [10]3 years ago
7 0

Answer:

 e.$113,300                                          

Explanation:

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4 0
1 year ago
The aggregate demand curve shows a _____ relationship between _____ and _____ at a given spending growth.
rewona [7]

The aggregate demand curve shows a relationship between aggregate price level and demand at the given spending growth.

<h3>What is demand?</h3>

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5 0
1 year ago
Corporate social responsibility (csr) means that a corporation should:
postnew [5]
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6 0
2 years ago
An investment counselor calls with a hot stock tip. He believes that if the economy remains​ strong, the investment will result
liubo4ka [24]

Answer:

$6,000

Explanation:

The computation of the expected profit from this investment is shown below:

= Strong profit × Strong percentage + Moderate profit × moderate percentage - recession losses × recession percentage

= $60,000 × 20% + $10,000 × 60% - $60,000 × 20%

= $12,000 + $6,000 - $12,000

= $6,000

By adding the three situations we can get the expected profit from this investment

3 0
3 years ago
Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:_
Karolina [17]

Answer:

C. $11,000

Explanation:

For computational purposes, both the Mortgage interest as well as the miscellaneous itemized deducted qualify as deductions based on the Schedule A which is the regular tax purposes.

However, only Mortgage interest will be allowable itemized deduction because miscellaneous itemized deductions fall under the category of adjustments and as such do not qualify for deductions under the AMT which is the Alternative Minimum Taxable Income.

Based on the explanation, only $11,000 of mortgage interest qualifies.

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