Gold Company Has the Following Balances at 31^st December 2010

question 15

Multiple Choice

Gold Company has the following balances at 31^st December 2010: 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: 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 depreciation
· All costs are paid in the month incurred
· Minimum cash balance requirement is $6,000
The cash disbursements for purchases in March are

• A) $46,400
• B) $32,480
• C) $38,240
• D) $48,720

Analyze the mechanisms of racial discrimination and disenfranchisement in the post-Reconstruction South.

Identify and understand the role of significant individuals and their contributions to civil rights and racial equality.

Recognize the patterns of migration and the factors influencing African Americans and other racial groups.

Understand the legal and social framework of segregation and its challenges.

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