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A company had credit sales of $46,000 and cash sales of $18,000 during the month of May. Also during May, the company paid wages of $16,000 and utilities of $5800. It also received payments from customers on account totaling $15,800. At the beginning of May, the company had a cash balance of $25,000. What is the company's cash balance at the end of May

Respuesta :

Answer:

the cash balance at the end of May is $37,000

Explanation:

The computation of the cash balance at the end of May is shown below:

= Opening cash balance + cash sales + received payment - paid wages - utilities

= $25,000 + $18,000 + $15,800 - $16,000 - $5,800

= $37,000

Hence, the cash balance at the end of May is $37,000

We simply applied the above formula to determine the cash balance at the end of May

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