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Damm [24]
3 years ago
7

During the month of February, Smiling Moon Inc. had cash receipts of $10,000 and cash disbursements of $7,700. The February 28 c

ash balance was $2,400. What was the February 1 beginning cash balance?
A. $1,600.
B. $5,600.
C. $2,000.
D. $0.
E. $7,600.
Business
1 answer:
Mrac [35]3 years ago
7 0

Answer:

$100

Explanation:

Solution according to given question:

Cash receipts of $10,000

Cash disbursements of $7,700

Cash balance on February 28 $2,400

Ending cash balance = Beginning cash balance + Cash receipts - Cash disbursements

$2,400 = Beginning cash balance + $10,000 - $7,700

$2,400 = Beginning cash balance + $2,300

Beginning cash balance = $2,400 - $2300

Beginning cash balance = $100

There is an inconsistency between the information provided in the question and the options available

Orginal Question is as follows:

During the month of February, Hoffer Company had cash receipts of $12,900 and cash disbursements of $14,900. The February 28 cash balance was $3,600. What was the January 31 beginning cash balance?

$1,600

$5,600

$2,000

$0

$7,600

Correct Answer is B. $5,600.

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