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Ranto In een pto on ytof heet yerwth200 lan Fty p e e ee o phand larly 20% of puh Febury wing date pply Janary and Fey Sales .00 30.00 Punhes Operaing epere 7.000 peraing epes dhe monh inure indude mony derton of e the ange in Ranows ch alne ng Fey $2.000 woreae 30.000 imare $4.500

Ranto In een pto on ytof heet yerwth200 lan Fty p e e ee o phand larly 20% of puh Febury wing date pply Janary and Fey Sales .00 30.00 Punhes Operaing epere 7.000 peraing epes dhe monh inure indude mony derton of e the ange in Ranows ch alne ng Fey $2.000 woreae 30.000 imare $4.500

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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Rainbow, Inc began operations on January 1 of the oument year with a $12.000 cash balanoe. Forty percent of sales e collected in the month of sale 00 ae colleded in the month following sale Similarty. 20% of purchases are paid in the month of purhase, and B0 are paid in the morth following purchase. The folowing data apply February January February 66.00 35.00 Sales 30.00 40.00 Purdhases Operating epenses operating experses re paid in the month inoumed and indude monnly deprediation anarges of 52.600. denermine the change in Rainbows cash talane dunng February $7.500 ingrease 7.000 9.000 $2.000 increase 35.000 inrease 4.000 ingrease None of the answen is coned
Transcribed Image Text:Rainbow, Inc began operations on January 1 of the oument year with a $12.000 cash balanoe. Forty percent of sales e collected in the month of sale 00 ae colleded in the month following sale Similarty. 20% of purchases are paid in the month of purhase, and B0 are paid in the morth following purchase. The folowing data apply February January February 66.00 35.00 Sales 30.00 40.00 Purdhases Operating epenses operating experses re paid in the month inoumed and indude monnly deprediation anarges of 52.600. denermine the change in Rainbows cash talane dunng February $7.500 ingrease 7.000 9.000 $2.000 increase 35.000 inrease 4.000 ingrease None of the answen is coned
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