Use the following to answer questions 41-43: The Grainger Company’s budgeted income statement reflects the following amounts:

*Of this balance, $35,000 will be collected in January and the remaining amount will be collected in February.

The monthly expense figures include $5,000 of depreciation.  The expenses are paid in the month incurred.

    41.   Grainger’s expected cash balance at the end of January is:

            A.   $87,000.

            B.   $89,160.

            C.   $92,000.

            D.   $94,160.

            E.   $113,160.

Answer: D   

    42.   Grainger’s budgeted cash receipts in February are:

            A.   $91,000.

            B.   $95,000.

            C.   $113,090.

            D.   $113,640.

            E.   $114,000.

Answer: E   

    43.   Grainger’s budgeted cash payments in February are:

            A.   $75,660.

            B.   $94,860.

            C.   $97,200.

            D.   $99,860.

            E.   $102,200.

Answer: B 

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