48, 25% D 3:12 AM $ 19, 100 Emergency calls Multiple-step some statement: SHAW CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 Sales $48,300 Cost of goods sold.... 29,200 Gross profit ......... Operating expenses: Selling expenses Advertising $ 1,500 Commissions 2,415 Insurance-salesperson's auto.. 2.250 Total selling expenses... $ 6,165 General and administrative expenses: Depreciation office building $ 2.900 Salaries and wages-office..... 12,560 Supplies-office.... 890 Total general and administrative expenses. 16.350 Total operating expenses... Loss from operations ........... Other revenues and expenses: $ 1,400 Interest expense.... 1,349 Interest revenue..... 6.700 Rent revenue..... Excess of other revenues over other expenses..... Income before taxes Income tax expense. Net income...... 22.315 $ (3,415) $ 6.640 3.225 1.540 1.685 $ iait Assignment 2 1. Elsa Co. is preparing its cash budget and expects to purchase merchandises that cost $400,000 in March, $450,000 in April, and $500,000 in May. Assume that 30% of purchases are for cash, 30% are paid in the month after the purchase, and the remaining amount is paid 2 months after the purchase. What are the expected cash payments for May?* O $120,000 O O $255,000 $445,000 O $500,000