(Appendix 10A) Gold Company Has the Following Balances at December

question 88

Multiple Choice

(Appendix 10A) Gold Company has the following balances at December 31, 20x4: Cash $6,000; accounts receivable $34,000 ($10,000 from November and $24,000 from December) ; merchandise inventory $40,000; and accounts payable $20,000 (for merchandise purchases only) . Budgeted sales follow: $$\begin{array} { l r } \text { January } & \$ 50,000 \\\text { February } & 90,000 \\\text { March } & 60,000 \\\text { April } & 100,000\end{array}$$ Other data:
*Sales are 40% cash, 50% collected during the following month, and 10% collected during the second month after sale. A 3% cash discount is given on cash sales.
*Cost of goods sold is 40% of sales.
*Ending inventory must be 140% of the next month's cost of sales.
*Purchases are paid 70% in month of purchase and 30% in the following month.
*The selling and administrative cost function is: $6,000 + $0.2 × sales. This includes $1,000 for amortization.
*All costs are paid in the month incurred
*Minimum cash balance requirement is $6,000
What will be the ending cash balance for January?

• A) $(280)
• B) $13,720
• C) $19,720
• D) $6,000

Understand the career functions of mentoring and its impact on professional development.

Recognize the importance of individualized socialization in organizations.

Analyze the impact of organizational changes on psychological contracts.

Understand the various theories and concepts related to motivation.

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Definitions:

Therapeutic Drugs

Medications used to treat, cure, or prevent disease and maintain health.

Bipolar Disorder

A condition affecting mental well-being, defined by pronounced changes in mood, with periods of intense happiness (mania or hypomania) and deep sadness (depression).

Mood Stabilizers

Medications used primarily for treating bipolar disorder that help regulate and stabilize extreme mood swings.

Public Dissatisfaction

The state of general displeasure or discontent expressed by the public towards a specific event or situation.