Solution-Compute company December cash balance

Compute company December cash balance

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Reference no: EM132935528

Question - Your company's net income for calendar year 2020 was reported at $300,000 and its cash balance on January 1, 2020 was reported at $400,000. Compute your company's December 31, 2020 cash balance, assuming that the only transactions during the year that result in a difference between net income and cash flow are as follows:

-The company purchased land for cash in the amount of $100,000.

-The company accrued wages payable on December 31 of $25,000.

-The company received an advance payment for services on December 31 in the amount of $10,800, which was properly recorded by the company.

-The company recorded an accrual for interest receivable on December 31 in the amount of $10,000 for a loan the company made during the year.

-The company recorded depreciation for the year in the amount of $30,000.

Reference no: EM132935528

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Compute company December cash balance

Reference no: EM132935528

Reference no: EM132935528

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