Finch Company Began Its Operations on March 31 of the Current

question 155

Multiple Choice

Finch Company began its operations on March 31 of the current year. Finch Co. has the following projected costs: (1) 3/4 of the manufacturing costs are paid for in the month they are incurred. 1/4 is paid in the following month.
(2) Insurance expense is $1,000 a month, however, the insurance is paid four times yearly in the first month of the quarter, i.e. January, April, July, and October.
(3) Property tax is paid once a year in November.
The cash payments for Finch Company in the month of June are:

• A) $215,500
• B) $188,800
• C) $214,000
• D) $212,000

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Definitions:

Afghanistan

A landlocked country located in South and Central Asia, known for its rich history and diverse cultural heritage.

Cultural Adaptation

The process by which individuals or groups adjust to new cultural environments, integrating new cultural practices and norms while retaining aspects of their original culture.

Paleolithic

Relating to the earliest period of the Stone Age, characterized by the use of rudimentary chipped stone tools by early humans.

Precambrian

The earliest part of Earth's history, spanning the time from the formation of the planet up to 541 million years ago, before the Cambrian period.