In the Month of May, Grimm Company

question 23

Multiple Choice

In the month of May, Grimm Company. wrote checks in the amount of $92,500. In June, checks in the amount of $126,580 were written. In May, $84,680 of these checks were presented to the bank for payment, and $108,830 in June. What is the amount of outstanding checks at the end of May?

• A) $17,750
• B) $7,820
• C) $25,570
• D) $35,500

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Definitions:

U.S. Tariff

Taxes imposed by the United States on imported goods to protect domestic industries and generate revenue.

Steel

A hard, strong alloy made primarily of iron and carbon, used extensively in construction and manufacturing.

Imports

Goods and services that are brought into a country from abroad for sale.

Price

The amount of money required to purchase a product or service.