Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales were on account. During January, no customer collections occurred. The cost of goods sold was $70,000, and there were no ending inventories or accounts payable. Use this information to determine the ending balance of cash on hand for January.Solve this ?

Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales were on account. During January, no customer collections occurred. The cost of goods sold was $70,000, and there were no ending inventories or accounts payable. Use this information to determine the ending balance of cash on hand for January.Solve this ?

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 1PA: The following transactions were completed by Hammond Auto Supply during January, which is the first...

See similar textbooks

Similar questions

Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales were on account. During January, no customer collections occurred. The cost of goods sold was $70,000, and there were no ending inventories or accounts payable. Use this information to determine the ending balance of cash on hand for January.
Please Provide answer with step by step
Need help
Accurate answer
I am having trouble with this problem. The beginning-of-the-period cash balance for the Travis Company was a $7,200 debit. Cash sales for the month were $3,600 and sales on account were $4,800. The company paid $1,500 cash for current-period purchases and also paid $1,800 cash for amounts due from last month.What is the ending debit or credit balance in the Cash account?
Kindly solve this financial accounting question
The ending balance of cash on hand for January.
Hello, How do I calculate the values for this problem?
Wiggen Company began the year with $2,500 in accounts receivable and $40 in allowance for doubtful accounts. At the end of the year, Wiggen reported $2,650 in accounts receivable and $50 in allowance for doubtful accounts in its balance sheet. Accounts written off during the year totaled $7, and there were no recoveries of accounts written off. Credit sales totaled $17,000. What were Wiggen's cash collections from customers during the year? $16,843 $16,850 $16,857 $17,150 4
Zorro Inc. has the following cash register data for December 31: Cash register total for cash sales $23,500 Cash receipts from cash sales $23,480 How should the difference be recorded? a. $20 cash overage as revenue b. $20 cash overage as miscellaneous operating expense c. $20 cash shortage as other revenue d. $20 cash shortage as normal operating expense
On April 3, a business counted $3,400.10 cash received from the day’s sales. According to the registers, cash sales totalled $3,400.90. The company has a policy that any discrepancies between sales and total cash that are $1.00 or less are recorded in the cash over and short account and do not have to be investigated. What is the journal entry to record the cash sale? Select one: a. Cash $3,400.10 DR; Cash Over and Short $0.80 DR; Service Revenue $3,400.90
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Create a balance sheet for all dates given. July 3. Received $23,000 on an account. July 3. Wrote off the remaining $34,010 owed on account as uncollectible. Oct. 8. Reinstated the account that had been written off on July 3. (Do not record the collection of cash yet.) Oct. 8 Received $34,010 cash in full payment for the reinstated account.