Weimar World, a tax-preparation service, had a cash balance of $122,500 as of March 1, 2017. During the month of March, Weimar World had the following transactions. * Billed $496,000 in revenues on credit * Received $164,000 from customers' accounts receivable * Incurred expenses of $194,000 but only paid $87,700 cash for these expenses * Prepaid $32,200 for computer services to be used next month. What was the company's cash balance on March 31, 2017?

Question

Alaina Montgomery

Business

10 August, 11:35

Weimar World, a tax-preparation service, had a cash balance of $122,500 as of March 1, 2017. During the month of March, Weimar World had the following transactions. * Billed $496,000 in revenues on credit * Received $164,000 from customers' accounts receivable * Incurred expenses of $194,000 but only paid $87,700 cash for these expenses * Prepaid $32,200 for computer services to be used next month. What was the company's cash balance on March 31, 2017?

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Answers (1)

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Karter Singh · Answer 1

The closing cash balance on March 31 2017 = $166,600

Explanation:

The closing cash balance on 31 march 2017

Opening Cash Balance 122500

Add: Cash received from customers 164000

Less: Expenses paid (87700)

Less: Prepaid for Computer services (32200)

Closing Cash Balance 166600