Meridian Corp. has $10,000 of goods on hand at August 31, 2020. Cost of goods sold averages 40% of sales revenue. Sales for the month of September are budgeted to be $143,000. If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Meridian's managers need to purchase during September in order to meet this goal? ^ $57,700 B. $86,300 $56,700 D. Cannot be determined from the information given Teresa Company began the period with 10 units in inventory, costing $5 each. During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the income statement for the period and on the balance sheet at the end of the period? A Income Statement Balance Sheet Cost of Goods Sold, $500 Inventory, $550 Income Statement Balance Sheet Inventory, $485 Cost of Goods Sold, $500 c Income Statement Balance Sheet Cost of Goods Sold, $65 Inventory, $485 D. Income Statement Balance Sheet Cost of Goods Sold, $485 Inventory, $65 . The beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts during the period must have been: A $105,900. GB $234,500 C$132,100. D$157,100 The July 31 trial balance reports a debit balance of $5,000 for Cash. During the month, one entry for $40 had been posted in error as a credit to Cash. What is the correct balance of Cash at July 31? CA $5,000 OB Cannot determine from the information given C$5,040 D.$4,960 Note Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable. CA $39,200, debit B. None of the above C$ 119,600, credit D.$39,200 credit Burlington, Inc. purchased a tract of land, a small office building, and some equipment for $1,600,000. The appraised value of the land was $850,000, the building $675,000, and the equipment $475,000. What is the cost of the land? A $481,667 B. $637,500 C$850,000 D. D. $680,000