2 years ago

Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget.

Business

1 answer:

sweet-ann [11.9K]2 years ago

6 0

Answer:

D. $53,000.

Explanation:

The computation of the ending cash balance is shown below:

Beginning cash balance $95,000

Add: Receipts

Cash sales $418,000

Total cash receipts (a) $513,000

Deduct: Payments:

Cash payment for purchases -$273,000

Cash payment for salaries -$96,000

Other cash expenses -$58,000

Repayment of bank loan -$33,000

Total cash payments (b) $460,000

Net receipts /( payments) (a) - (b) $53,000

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