Rajiv Financial Services had a cash balance on March 1, 2013 of $1,004,797. Its cash receipts for the month of March Cotaled $2,771,445. Sales on account for the month amounted to $1,373,462 with cash receipts from these sales to be received in April. Cash expenses for March were $988,351. Purchases on account for March amounted to $257,102 with 30 day payment terms. What is the cash balance for Rajiv Financial Services as of March 31, 2013?

Rajiv Financial Services had a cash balance on March 1, 2013 of $1,004,797. Its cash receipts for the month of March Cotaled $2,771,445. Sales on account for the month amounted to $1,373,462 with cash receipts from these sales to be received in April. Cash expenses for March were $988,351. Purchases on account for March amounted to $257,102 with 30 day payment terms. What is the cash balance for Rajiv Financial Services as of March 31, 2013?

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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