Harkin Products Expects to Make Purchases of $65,000 in January;

question 2

Multiple Choice

Harkin Products expects to make purchases of $65,000 in January; $80,000 in February; $50,000 in March; and $90,000 in April.Purchases are paid 30% in the month of purchase and 70% in the month after purchase.How much is budgeted accounts payable at March 31?

• A)$35,000
• B)$71,000
• C)$59,000
• D)None of the answer choices are correct.

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Definitions:

Earnings per Share

A financial indicator showing the portion of a company's profit allocated to each outstanding share of common stock.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year, calculated by dividing current assets by current liabilities.

Stock Dividend

A payment made by a corporation to its shareholders in the form of additional shares, rather than cash.

Uncollectible Receivable

A debt owed to a company that is considered unlikely to be paid by the debtor, classified as a loss.