Beta Corporation began operations on March 1 with cash of $100,000. All of March's $200,000 sales were on account. During March, no customer collections occurred. The cost of goods sold was $60,000, and there were no ending inventories or any accounts payable. Use this information to determine the ending balance of cash on hand for March.
Beta Corporation began operations on March 1 with cash of $100,000. All of March's $200,000 sales were on account. During March, no customer collections occurred. The cost of goods sold was $60,000, and there were no ending inventories or any accounts payable. Use this information to determine the ending balance of cash on hand for March.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
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Problem 1PA: The following transactions were completed by Hammond Auto Supply during January, which is the first...
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
Transcribed Image Text:Beta Corporation began operations on March 1 with cash of
$100,000. All of March's $200,000 sales were on account.
During March, no customer collections occurred. The cost of
goods sold was $60,000, and there were no ending inventories
or any accounts payable.
Use this information to determine the ending balance of cash
on hand for March.
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