Use the Following Information to Answer the Following Questions

question 82

Multiple Choice

Use the following information to answer the following Questions
Morgan Company's budgeted income statement reflects the following amounts:

Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% in the second month following sale. One percent of sales is uncollectible and expensed at the end of the year.
Morgan pays for all purchases in the month following purchase and takes advantage of a 3% discount. The following balances are as of January 1:

*Of this balance, $35,000 will be collected in January and the remaining amount will be collected in February.
The monthly expense figures include $5,000 of depreciation. The expenses are paid in the month incurred


-Morgan's expected cash balance at the end of January is:

• A) $87,000.
• B) $89,160.
• C) $92,000.
• D) $94,160.
• E) $113,160.

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Definitions:

Famines

Extreme scarcities of food in a geographic area, leading to significant suffering, malnutrition, and mortality.

Fertility Rate

The average number of children born to a woman over her lifetime.

CIA Data

refers to information and statistics collected and published by the Central Intelligence Agency, often related to geographical, political, or economic aspects of countries worldwide.

Countries

Geographically and politically defined regions that function as distinct territorial entities with their own governments and laws.