Question 24 Swifty, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are: March April May June July Budgeted sales $300400 $291000 $319500 $279800 $210600 Budgeted purchases $143200 $119900 $127000 $131300 $90300 Customer amounts on account are collected 70% in the month of sale and 30% in the following month. Cost of goods sold is 55% of sales. Swifty purchases and pays for merchandise 45% in the month of acquisition and 55% in the following month. Operating expenses are: Salaries, $50000; Depreciation, $13000; Rent, $15000; and Utilities, $14700. Accounts payable is used only for inventory acquisitions. How much cash will Swifty receive during May from customers? $307590 $310950 $223650 $299550 Question 25 Bonita, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are: March April May June July Budgeted sales $299200 $289600 $319300 $279100 $209600 Budgeted purchases $143500 $120300 $128300 $132300 $90400 Customer amounts on account are collected 70% in the month of sale and 30% in the following month. Cost of goods sold is 55% of sales. Bonita purchases and pays for merchandise 45% in the month of acquisition and 55% in the following month. Operating expenses are: Salaries, $50800; Depreciation, $12000; Rent, $14600; and Utilities, $13900. Accounts payable is used only for inventory acquisitions. . How much is Bonita' budgeted balance for Accounts Payable at May 31, 2020? $124700 $66165 $57735 $70565