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Foamex Company has a 45 day collection period. Sales for the next four quarters are estimated at $20,000, $24.000, $28,000, and $36,000, respectively, starting with the first quarter of the year. Given this information, which one of the following statements is incorrect? Assume a 360 day year. The firm will have an accounts receivable balance of $16,000 at the end of the year. The accounts receivable balance at the beginning of Quarter 4 will be $16,000. O The firm will collect $14,000 from Quarter 2 sales in Quarter 3. O The firm will collect $12,000 in Quarter 1. O The firm will collect a total of $32,000 in Quarter 4. GreenPoint Company expects sales of $16,000, $17,200, $17,800, and $19,400 for the months of March through June, respectively. The company collects 50 percent of sales in the month of sale, 30 percent in the month following the month of sale, and 15 percent in the second month following the month of sale. The remaining 5 percent of sales is never collected. How much money does the company expect to collect in the month of June? O $15.840 O $17,620 O $19,450 $21,200 O $13,600 Harris Company has a net cash inflow for the quarter of -$3,000. The beginning cash balance is $4,500. Company policy is to maintain a minimum cash balance of $3,500 and borrow only the amount that is necessary to maintain that balance. How much does the firm need to borrow to have a zero cumulative surplus? O $2,000 O $1,800 O $1,600 O $1,400 O $1,700 Hughes Supply has 1,000,000 shares outstanding at $41.00 each. The company expects to raise $8,000,000 via a rights offering at a subscription price of $40. How many rights are required for each new share? 4.80 05.00 O 5.20 5.40 0 5.60