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Business
Accounting
During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?

During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?

FINANCIAL ACCOUNTING
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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During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?
Transcribed Image Text:During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?
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