Use the Following Information for Questions

question 44

Multiple Choice

Use the following information for questions
Livanos, Inc.reports all its sales on credit, and pays operating costs in the month incurred.Amounts for 2020 are:

-Customer amounts on account are collected 70% in the month of sale and 30% in the following month.
-Cost of goods sold is 60% of sales.
-Livanos purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month.
-Operating expenses are: Salaries, $50,000; Depreciation, $12,000; Rent, $15,000; and Utilities, $14,000.
-Accounts payable is used only for inventory acquisitions.
-How much cash will Livanos receive during May from customers?

• A)$308,000
• B)$311,000
• C)$224,000
• D)$299,000

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Definitions:

Antagonists

Substances that block or dampen a biological response by binding to and inhibiting the function of a receptor.

Neurotransmitters

Chemical substances that transmit signals across a synapse from one neuron to another, facilitating neuronal communication.

Axons

Long nerve fibers that are part of neurons, responsible for transmitting electrical impulses away from the neuron's cell body.

Action Potentials

Brief electrical impulses that are the means by which information is transmitted along neurons and across synapses.