In 2023, Briarstone Ltd. had cash receipts of $48,000 and cash disbursements of $30,000. Briarstone's ending cash balance at December 31, 2023, was $60,000. What was Briarstone's beginning cash balance?

In 2023, Briarstone Ltd. had cash receipts of $48,000 and cash disbursements of $30,000. Briarstone's ending cash balance at December 31, 2023, was $60,000. What was Briarstone's beginning cash balance?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 6MC: Selected information from Brook Corporations accounting records and financial statements for 2019...

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Question

I am looking for the correct answer to this general accounting question with appropriate explanations.

In 2023, Briarstone Ltd. had cash receipts of
$48,000 and cash disbursements of $30,000.
Briarstone's ending cash balance at December 31,
2023, was $60,000.
What was Briarstone's beginning cash balance?

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