FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Need help with this problem (number 27). Need help with the blank data. Thanks!
Transcribed Image Text:Finch Company began its operations on March 31 of the current year. Finch has the following projected costs:
April
May
June
$158,000 $193,000 $208,000
Manufacturing costs*
Insurance expense**
Depreciation expense
Property tax expense***
1,090
1,900
590
*Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month.
**Insurance expense is $1,090 a month; however, the insurance is paid four times yearly in the first month of the quarter (I.e., January, April, July, and October).
***Property tax is paid once a year in November.
The cash payments for Finch Company expected in the month of June are
1,090
1,900
590
a. $156,000
b. $204,250
O c. $252,500
Od. $48,250
1,090
1,900
590
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