Reference no: EM13864236
Rhaman Company had the following transactions in its first month of operations:
1. On incorporation, the company had issued 10,100 common shares in exchange for $9,200 cash and office furniture and equipment worth $900.
2. Additional equipment costing $3,700 was purchased for cash.
3. Supplies costing $500 were purchased for cash.
4. Inventory costing $4,600 was acquired on account. Later in the month, the company paid half the amount owed. It will pay the remainder next month.
5. The entire inventory was sold to customers for $7,400. The company received half of this amount in cash and will receive the remainder next month.
6. By the end of the month, $400 of the supplies were used up.
7. The equipment was depreciated $100 for the month.
8. Operating expenses paid in cash during the month were $1,700.
9. Dividends of $200 were declared and paid during the month.
Calculate the cash on hand amount for the end of the month.
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