Assume you are the president of High Power Corporation. At the end of the first year...
Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available:
| Accounts Payable | $ | 32,900 | |
| Accounts Receivable | 10,750 | ||
| Cash | 14,100 | ||
| Common Stock | 59,890 | ||
| Dividends | 2,030 | ||
| Equipment | 87,000 | ||
| Notes Payable | 1,620 | ||
| Operating Expenses | 59,200 | ||
| Other Expenses | 7,930 | ||
| Sales Revenue | 92,400 | ||
| Supplies | 5,800 | ||
PA1-2 Part 2
-
2-a. By how much did cash increase (decrease)?
Homework Answers
Answers
- Requirement 2a
>Change in Cash – Increase (Decrease) = Ending balance – Beginning balance
--Its mentioned that this is the
‘first year’ of operation.
--Hence, beginning Cash balance = $ 0
--Ending cash balance = $ 14100
--Increase (Decrease) = $ 14100 - $ 0 = $ 14100
--INCREASE in Cash = $ 14,100 = Answer
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