Question

Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500...

Category

Prior year

Current year

Accounts payable

41,400

45,000

Accounts receivable

115,200

122,400

Accruals

16,200

13,500

Additional paid in capital

200,000

216,660

Cash

???

???

Common Stock @ par value

37,600

42,000

COGS

131,400

177,758.00

Depreciation expense

21,600

22,063.00

Interest expense

16,200

16,224.00

Inventories

111,600

115,200

Long-term debt

135,000

137,651.00

Net fixed assets

376,251.00

399,600

Notes payable

59,400

64,800

Operating expenses (excl. depr.)

50,400

61,943.00

Retained earnings

122,400

136,800

Sales

255,600

335,881.00

Taxes

9,900

19,137.00

What is the current year's cash balance?

Business   Accounting   
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Homework Answers

Answer #1

Ans: We know that total assets= total liabilities and equity

=> Total liabilities and equity computed below

Particulars Amount
Accounts payable 45,000
Accruals 13,500
Additional-paid in capital 216,660
common stock 42,000
long term debt 137,651
Notes Payable 64,800
retained earnings 136,800
Total Liabilities& equity 656,411

Now total assets= cash + inventory+Accounts receivable+ Net fixed assets

656,411= cash+115,200+122,400+399.600

Cash= 656,411-115,200-122,400-399,600

Cash= 19,211

therefore current year cash balance will be $19,211

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