Weimar World, a tax-preparation service, had a cash balance of $245,000 as of March 1. During the month of March, Weimar World had the following transactions.Billed $992,000 in revenues on creditReceived $328,000 from customers’ accounts receivableIncurred expenses of $388,000 but only paid $175,400 cash for these expensesPrepaid $64,400 for computer services to be used next month What was the company’s cash balance on March 31?

A cash account is based, on a cash basis system where cash is recorded in the books when it's…

Answered: Weimar World, a tax-preparation…

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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Weimar World, a tax-preparation service, had a cash balance of $245,000 as of March 1. During the month of March, Weimar World had the following transactions.

Billed $992,000 in revenues on credit
Received $328,000 from customers’ accounts receivable
Incurred expenses of $388,000 but only paid $175,400 cash for these expenses
Prepaid $64,400 for computer services to be used next month

What was the company’s cash balance on March 31?

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