(ix) The management of G & J Merchandising & More has negotiated with a tenant to rent office space to her beginning February 1. The rental is $540,000 per anmum. The first month's rent along with one month's safety deposit is expected to be collected on February 1. Thereafter, monthly rental income becomes due at the beginning of each month. (x) Wages and salaries are expected to be $2,976,000 per ammum and will be paid monthly. (xi) As part of its investing activities, the management of G & J Merchandising & More has just concluded an expansion project relating to the business's storage facilities. The project required capital outlay of $1,800,000 and was funded by a loan from a family member, who is a partner in the business. $340,000 of the principal along with interest of $35,000 will become đue and payable in January 2021. (xii) The cash balance on March 31, 2021 is expected to be an overdraft of $92,000
(ix) The management of G & J Merchandising & More has negotiated with a tenant to rent office space to her beginning February 1. The rental is $540,000 per anmum. The first month's rent along with one month's safety deposit is expected to be collected on February 1. Thereafter, monthly rental income becomes due at the beginning of each month. (x) Wages and salaries are expected to be $2,976,000 per ammum and will be paid monthly. (xi) As part of its investing activities, the management of G & J Merchandising & More has just concluded an expansion project relating to the business's storage facilities. The project required capital outlay of $1,800,000 and was funded by a loan from a family member, who is a partner in the business. $340,000 of the principal along with interest of $35,000 will become đue and payable in January 2021. (xii) The cash balance on March 31, 2021 is expected to be an overdraft of $92,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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