The cash balance of Darwin company on January 1, 2020 was 80,000. During 2020, the changes in certain amounts were: Accounts receivable Inventory Accounts payable 20,000 increase 15,000 decrease 30,000 decrease Total sales and cost of goods sold were 300,000 and 200,000 respectively. All sales and purchases were made on credit. Various expenses of 50,000 were paid in cash. 29. There were no other pertinent transactions. What is the cash balance on December 31, 2020?

Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...
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Problem 9:
The cash balance of Darwin company on January 1, 2020 was 80,000. During 2020, the changes in certain
amounts were:
Accounts receivable
Inventory
Accounts payable
20,000 increase
15,000 decrease
30,000 decrease
Total sales and cost of goods sold were 300,000 and 200,000 respectively. All sales and purchases were made on
credit. Various expenses of 50,000 were paid in cash.
29. There were no other pertinent transactions. What is the cash balance on December 31, 2020?
Transcribed Image Text:Problem 9: The cash balance of Darwin company on January 1, 2020 was 80,000. During 2020, the changes in certain amounts were: Accounts receivable Inventory Accounts payable 20,000 increase 15,000 decrease 30,000 decrease Total sales and cost of goods sold were 300,000 and 200,000 respectively. All sales and purchases were made on credit. Various expenses of 50,000 were paid in cash. 29. There were no other pertinent transactions. What is the cash balance on December 31, 2020?
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