TB MC Qu. 9-91 Morgan Company's budgeted income statement... Morgan Company's budgeted income statement reflects the following amounts: January February March April Sales Purchases Expenses $113,000 $71,000 $23,300 103,000 59,000 23,500 118,000 26,300 123,000 27,900 74,250 77,500 Cash Accounts receivable* Accounts payable Sales are collected 50% in the month of sale, 20% in the month following sale, and 29% in the second month following sale. One percent of sales is uncollectibl expensed at the end of the year. Morgan pays for all purchases in the month following purchase and takes advantage of a 1% discount. The following balances are as of January 1: $81,000 51,000 65,000 3 Of this balance, $20,400 will be collected in January and the remaining amount will be collected in February The monthly expense figures include $4,300 of depreciation. The expenses are paid in the month incurred. Help cach balance at the end of January is:

TB MC Qu. 9-91 Morgan Company's budgeted income statement... Morgan Company's budgeted income statement reflects the following amounts Sales January February March April Expenses $113,000 $71,000 $23,300 Purchases 103,000 118,000 123,000 59,000 23,500 74,250 26,300 77,500 27,900 Sales are collected 50% in the month of sale, 20% in the month following sale, and 29% in the second month following sale. One percent of sales is uncollectibl expensed at the end of the year Morgan pays for all purchases in the month following purchase and takes advantage of a 1% discount. The following balances are as of January 1 Cash $81,000 Accounts receivable" 51,000 Accounts payable 65,000 "Of this balance, $20,400 will be collected in January and the remaining amount will be collected in February The monthly expense figures include $4,300 of depreciation. The expenses are paid in the month incurred the end of languany is