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22 23 Q3: Big Jim Outerwear purchased the following amounts: (1 mark) 24 January $ 30,000 25 February $ 40,000 26 March $ 50,000 They pay for purchases 30% in the month of purchase and 70% in the month following purchase. 27 What is their expected payment in February? 28 A) $33,000 29 B) $12,000 30 C) $21,000 1 D) $30,000 2 3 Q4: Big Jim Outerwear purchased the following sales: (2 marks) January $ 190,000 February $ 200,000 March $ 210,000 the month following sale, and 40% in the second month following sale. What is the expected cash collections in March? A) $200,000 B) $84,000 C) $202,200 D) $222,222 Q5: Big Jim Outerwear borrowed $10,000 at the beginning of quarter two and it is now the end of the year. The annual interest rate is 8% and they have not paid any interest or repayments previously. How much interest do they owe? (1 mark) A) $800 B) $600 C) $400 D) $200