Milo has the following year-end account balances: Accounts Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts Payable,...
Milo has the following year-end account balances: Accounts Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts Payable, $17,000; Owner’s Equity, $43,000. The Cash account balance was not available at year-end. Given the account balances listed, the balance in the Cash account should be
| $95,000. |
| cannot be determined from the data given. |
| $25,000. |
| $43,000. |
Homework Answers
Total Assets (excluding Cash) = $5,000 + $12,000 + $18,000 = $35,000
Total Liabilities & shareholder's equity = $17,000 + $43,000 = $60,000
Cash balance = Total Liabilities & shareholder's equity - Total Assets (excluding cash)
Cash balance = $50,000 - $35,000
Cash balance = $15,000
So, Cash balance = $25,000
Option '3' is correct
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Milo has the following year-end account balances: Accounts
Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts
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