Consider the following information taken from the cash account. Assume cash payments were 80% of collections....
Consider the following information taken from the cash account.
Assume cash payments were 80% of collections.
| Cash | |
| ?? | Beg. balance |
| $115,375 | Collections |
| ?? | Disbursements |
| $80,275 | End balance |
How much was the beginning balance of the cash account?
a.$57,200
b.$35,100
c.$103,350
d.$92,300
Homework Answers
Ans a.$57,200
| DISBURSEMENT = | 80% OF COLLECTION |
| DISBURSEMENT = | 80% * 115375 |
| DISBURSEMENT = | 92300 |
| BEGINNING BALANCE = | END BALANCE + DISBURSEMENT - COLLECTION |
| BEGINNING BALANCE = | 80275 + 92300 - 115375 |
| BEGINNING BALANCE = | 57200 |
Add Answer to:
Consider the following information taken from the cash account.
Assume cash payments were 80% of collections....
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Consider the following information taken from the cash account. Assume cash payments were 80% of collections. How much was the beginning balance of the cash account? $57,200 $92,300 $103,350 $35,100Question 8 A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a(n) invoice voucher debit memo remittance advice
How much is the beginning balance of cash account?
Question: tile following information taken from ttie cash accourt, Assume cash payments were 80% of collections ?? Collections $115,375, Disbursement ??? End balance $80,275 How much is the beginning balance of cash account?1. $57,2002. $92,3003.$103,3504. $35100
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