Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. finch company began its operations on march 31 of

Finch Company began its operations on March 31 of the current year. Finch has the...

90.2K

Verified Solution

Question

Accounting

image

Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs (1) Insurance expense (2) $155,000 1,190 2,040 $191,000 1,190 2,040 520 $216,000 1,190 2,040 Depreciation expense Property tax expense (3) 520 520 (1) Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. (2) Insurance expense is $1,190 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 expected in the month of June are a. $162,000 Ob. $257,500 Oc. $209,750 d. $47,750

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students