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Author Question: The following information pertains to Monroe Company: ... (Read 58 times)

geoffrey

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The following information pertains to Monroe Company:

MonthSalesPurchases
January$63,000$40,000
February$86,000$40,000
March$102,000$56,000

 ∙  Cash is collected from customers in the following manner:
Month of sale35%
Month following the sale65%
 ∙  40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.
 ∙  Labor costs are 30% of sales. Other operating costs are $38,000 per month (including $8,000 of depreciation). Both of these are paid in the month incurred.
 ∙  The cash balance on March 1 is $8,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000.

How much cash will be paid to suppliers in March?
◦ $46,400
◦ $56,000
◦ $96,000
◦ $102,400


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Marked as best answer by geoffrey on Mar 6, 2021

Ksanderson1296

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geoffrey

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Reply 2 on: Mar 6, 2021
YES! Correct, THANKS for helping me on my review


bimper21

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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