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On August 1, your firm had a beginning cash balance of $180. Your sales for July were $400, and your sales for August were $500. During August, you had cash expenses of $120 and payments on your accounts payable of $320. Your accounts receivable period is 30 days. What is your firm's beginning cash balance on September 1?

On August 1, your firm had a beginning cash balance of $180. Your sales for July were $400, and your sales for August were $500. During August, you had cash expenses of $120 and payments on your accounts payable of $320. Your accounts receivable period is 30 days. What is your firm's beginning cash balance on September 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 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...
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What is your firms beginning cash balance on september 1 ? General accounting question

On August 1, your firm had a beginning cash balance of $180. Your sales for July were $400, and your sales for August were $500. During August, you had cash expenses of $120 and payments on your accounts payable of $320. Your accounts receivable period is 30 days. What is your firm's beginning cash balance on September 1?
Transcribed Image Text:On August 1, your firm had a beginning cash balance of $180. Your sales for July were $400, and your sales for August were $500. During August, you had cash expenses of $120 and payments on your accounts payable of $320. Your accounts receivable period is 30 days. What is your firm's beginning cash balance on September 1?
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