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colton

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The following information pertains to Monroe Company:

MonthSalesPurchases
January$68,000$35,000
February$87,000$46,000
March$106,000$58,000

 ∙  Cash is collected from customers in the following manner:
Month of sale30%
Month following the sale70%
 ∙  45% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.
 ∙  Labor costs are 20% of sales. Other operating costs are $32,000 per month (including $8,000 of depreciation). Both of these are paid in the month incurred.
 ∙  The cash balance on March 1 is $8,900. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000.

What is the ending cash balance for March?
◦ $8,900
◦ $5,200
◦ $5,000
◦ $6,000


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Marked as best answer by colton on Mar 6, 2021

14vl19

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colton

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


scikid

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Reply 3 on: Yesterday
Excellent

 

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