22) The following present va ng present value factors are provided for use in this problem. Periods Present Value of $l a8 0.9259 0.8573 0.7938 0.7350 Cliff Co. wants to purchase ai expected year-end net cash flows are Present Value of an Annuity of S1 at 8% 0.9259 1.7833 2.5771 to purchase a machine for $58,000, but needs to earn an 8% retum. The car-end net cash flows are $22,000 in each of the first three years, and in the fourth year. What is the machine's net present value 3.3121 A) S(1304). B) S(38,890). C) $75,806. D) $17,806. E) 892.000 23) Which of the following is an objective of capital budgeting? A) To eliminate all risk. B) To earn a satisfactory return on investment. C) To discount all future and past cash flows. D) To reverse past decisions. E) To reduce the number of investment activities. 24) Frankie's Chocolate Co. reports the following information from its sales budget: Expected Sales: Cash sales are normally 25% of total sales and all credits in the month following the date of sale. The total amount of from customers in September is: A) $112,500. B) $82,500 C) $30,000 D) S202,500. ilu 25% of total sales and all credit sales are expected to be collected date of sale. The total amount of cash expected to be received July August September $ 90,000 110,000 120,000 E) S120,000