As of the Beginning of the Quarter,Swenson's,Inc

question 91

Multiple Choice

As of the beginning of the quarter,Swenson's,Inc.had a cash balance of $460.During the quarter,the company collected $480 from customers and paid suppliers $360.The company also paid an interest payment of $20 and a tax payment of $110.In addition,the company repaid $140 on its long-term debt.What is Callahan's cash balance at the end of the quarter?

• A)-$110
• B)$290
• C)$310
• D)$350
• E)$490

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Definitions:

Interstate Commerce

Trade, traffic, or transportation involving the movement of goods or services from one state to another within the United States.

McCulloch v. Maryland

A landmark Supreme Court case that established federal laws have supremacy over state laws and that Congress has implied powers under the Necessary and Proper Clause.

Necessary and Proper Clause

A provision in the U.S. Constitution granting Congress the power to pass all laws necessary and proper for carrying out its enumerated list of powers.

Delegated Powers

Powers that are granted from one level of government to another, or from a principal to an agent, under the assumption they will be executed in line with certain criteria or objectives.