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Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales 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.

Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Beta Corporation began operations on January 1

Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales 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.
Transcribed Image Text:Beta Corporation began operations on January 1 with cash of $100,000. All of January's $200,000 sales 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.
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