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On April 1, your business had a beginning cash balance of $750. Your sales for March were $1,200, and your sales for April totaled $1,500. During April, you paid $350 in cash expenses and paid off $425 of accounts payable. Your accounts receivable collection period is 45 days. What is your firm's beginning cash balance on May 1?

On April 1, your business had a beginning cash balance of $750. Your sales for March were $1,200, and your sales for April totaled $1,500. During April, you paid $350 in cash expenses and paid off $425 of accounts payable. Your accounts receivable collection period is 45 days. What is your firm's beginning cash balance on May 1?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 10EA: Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in...
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On April 1, your business had a beginning cash balance of $750. Your sales for March were $1,200, and your sales for April totaled $1,500. During April, you paid $350 in cash expenses and paid off $425 of accounts payable. Your accounts receivable collection period is 45 days. What is your firm's beginning cash balance on May 1?
Transcribed Image Text:On April 1, your business had a beginning cash balance of $750. Your sales for March were $1,200, and your sales for April totaled $1,500. During April, you paid $350 in cash expenses and paid off $425 of accounts payable. Your accounts receivable collection period is 45 days. What is your firm's beginning cash balance on May 1?
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