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Wilma's Accounting Services was organized on April 1, 2007. The company received a contribution of $1,500 from each of the two principal owners. During the month, Wilma's Accounting Services provided services for cash of $2,410 and services on account for $440, received $260 from customers in payment of their accounts, purchased supplies on account for $590 and equipment on account for $1,590, received a utility bill for $350 which will not be paid until July, and paid the full amount due on the equipment. Determine the company's Cash balance on April 30, 2007.

Please provide the numeric answer.

2007-09-19 16:51:23 · 4 answers · asked by mr.paulio 2 in Business & Finance Other - Business & Finance

4 answers

Cash inflows:
Owners' contributions 3,000
Services rendered 2,410
Customers paid up 260
Total inflows: 5,670

Cash outflows:
Payment for equipment 1,590

Cash balance is inflows less outflows : 5,670 - 1,590 = 4,080

2007-09-19 17:08:38 · answer #1 · answered by Sandy 7 · 0 0

Sandy has the correct answer.

2007-09-20 01:27:47 · answer #2 · answered by jojo 2 · 0 0

3930

2007-09-20 00:03:25 · answer #3 · answered by bigdogchris 2 · 0 0

5670

2007-09-20 00:02:24 · answer #4 · answered by Anonymous · 0 0

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