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On may 1, the cash account balance was $72,600. during may, cash receipts totaled $345,600 and the may 31 balance was $95,230. determine the cash payments made during may.
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Jul 11, 2018
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On may 1, the cash account balance was $72,600. during may, cash receipts totaled $345,600 and the may 31 balance was $95,230. determine the cash payments made during may.
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$322,970 The expression for the cash balance at the end of the month is B = I + R - P where B = Balance at the end of the month. I = Initial balance at the beginning of the month. R = Receipts received during the month. P = Payments made during the month. So let's substitute the known values we have and solve for P B = I + R - P 95230 = 72600 + 345600 - P 95230 = 418200 - P 95230 + P = 418200 P = 322970 So the cash payments made were $322,970
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Jul 18, 2018
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