Assume the following account balances on January 1, 2019 for a corporation. Accounts Payable $30,000 Accounts 45,000 Receivable Bank Loan 65,000 Building 67,000 Cash 30,000 Equipment 23,000 Land 13,000 Common Stock 5,000 Unused Supplies 3,000 In January the company received a total of $21,000 from its customers to pay off their accounts and the company made a $10,000 payment on the bank loan. What is the cash balance at the end of the month? $61,000 $51,000 $41,000 $19,000

Assume the following account balances on January 1, 2019 for a corporation. Accounts Payable $30,000 Accounts 45,000 Receivable Bank Loan 65,000 Building 67,000 Cash 30,000 Equipment 23,000 Land 13,000 Common Stock 5,000 Unused Supplies 3,000 In January the company received a total of $21,000 from its customers to pay off their accounts and the company made a $10,000 payment on the bank loan. What is the cash balance at the end of the month? $61,000 $51,000 $41,000 $19,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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