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Seneca College *

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440

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Accounting

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Nov 24, 2024

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pdf

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2

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11/19/23, 8:58 PM Chapter 6 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4682840&cmid=1260517&page=1 1/2 English (en) English (en) Français - Canada (fr_ca) Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 6 - Budgeting / Chapter 6 Quiz Question 2 Not answered Marked out of 1.00 ABC Inc. purchases all of its inventory on credit. During July 2019, the company purchased $100,000 in inventory. During August 2019, it purchased $200,000 in inventory. The company pays for 30% of its purchases in the month of purchase while the remainder is paid for in the month following the purchase. How much cash did ABC disburse during August 2019 with respect to these purchases? Select one: a. $100,000 b. $170,000 c. $30,000 d. $130,000 Your answer is incorrect. Explanation: The purchases disbursements are calculated as follows: $100,000*70%+$200,000*30%=$130,000. The correct answer is: $130,000
11/19/23, 8:58 PM Chapter 6 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4682840&cmid=1260517&page=1 2/2 Français (fr)
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