Homework Answers
1.
Beginning cash balance = ?
Ending cash balance = $1,900
Cash receipts = $7,800
Cash disbursements = $8,950
Ending cash balance = Beginning cash balance + Cash receipts - Cash disbursements
1,900 = Beginning cash balance + 7,800 - 8,950
Beginning cash balance = $3,050
First option is correct.
2.
Cash service revenue = $1,300
Service revenue on account = $575
Revenue for July = Cash service revenue + Service revenue on account
= 1,300 + 575
= $1,875
Third option is correct.
3.
Total assets = $555 million
Total liabilities = $175 million
Equity = $380 million
Debt ratio = Total liabilities/Total assets
= 175/555
= 31.5%
Third option is correct.
4.
Beginning accounts receivables = $22,200
Ending accounts receivables = $16,150
Cash received from customers = $62,500
Credit sales = Ending accounts receivables + Cash received from customers - Beginning accounts receivables
= 16,150 + 62,500 - 22,200
= $56,450
Second option is correct.
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