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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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Which of the following is a correct statement? Multiple Choice Writing off an uncollectible account under the allowance method d
jok3333 [9.3K]

Answer:

Estimating un-collectible accounts expense improves the matching of revenues and expenses.

Explanation:

When uncollectibles are recorded through allowance method then, bad debts expense is provided, which reduces net income. But at the time of writing off only the allowance and accounts receivables account is affected and not the net income.

When direct method is used then also the net income gets reduced, as bad debt expense and accounts receivables is affected.

And as provided in first para, when estimating and creating the allowance for bad debts, it affects net income, and it also represents the true and fair view of expenses and income.

Thus, statement c is correct.

4 0
3 years ago
You need some money today and the only friend you have that has any is your miserly friend. He agrees to loan you the money you
Serggg [28]

Answer:

The correct option is (b)

Explanation:

Given:

Monthly payment for 6 months = $30 per month

Time period = 6 month (6 periods)

Monthly interest rate = 2%

In order to compute borrowed amount, present value of these payments need to be computed which is an annuity as same amount of $30 is paid.

Checking PVIFA table for 2%, 6 periods, annuity factor is 5.6014.

Borrowed amount = Monthly payment × PVIFA(2%,6)

                            = 30 × 5.6014

                            = $168.042

Borrowed amount is $168.042 or $168.22 approximately (difference in value due to annuity factor being rounded off)

                         

6 0
3 years ago
In 2-3 sentences, describe three aspects of a free market economy.
kkurt [141]

The three primary aspects of a free market could include private ownership of everything for sale, free-floating forces of supply and demand, and a man secretly in charge of everything. <span>A free market economy is a type of economic system whereby supply and demand, with a minimum of involvement on the part of a government drive the forward movement of the economy.</span>

8 0
3 years ago
Read 2 more answers
Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end balance of $220,000. Credi
Dovator [93]

Answer:

3.6

Explanation:

The receivables turnover for the year is calculated as;

= Net sales(credit sales) ÷ Average accounts receivables

Average account receivables

= ($200,000 + $220,000) ÷ 2

= $210,000

Therefore, Receivables turnover

= $750,000 ÷ $210,000

= 3.6

6 0
3 years ago
A decrease in consumer spending can be expected to shift the aggregate demand curve ________.
xxMikexx [17]

Answer:

d. downward and cause output to decrease

Explanation:

As we know that

Aggregate demand = Consumption expenditure + government expenditure + net export

Where,

Net export = Export - import

In the case when there is a reduction in the consumer spending so it would be expected that the aggregate demand curve would be shifted to the downward due to which it results in reduction in output

Therefore the option d is correct

6 0
3 years ago
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