Xanax Inc expects the following transaction in 2020. Their first year of operations. · Allowance for bad debts, end of year is 80,000 · Sales (some receivables are collectible in 2021) 1,500,000 · Bad debt written offs during the year 10,000 · Disbursements of costs and expenses 1,200,000 · Disbursements for income taxes 90,000 · Accounts receivable, end of year, net- 70,000 · Purchases of fixed assets for cash 400,000 · Proceeds from issuance of ordinary shares 580,000 · Proceed from short-term borrowings 100,000 · Payments on short-term borrowings 60,000 · Depreciation on fixed assets 80,000 · Loss on sale of fixed assets (book value 100,000) 10,000 What is the cash balance at December 31, 2020?
Xanax Inc expects the following transaction in 2020. Their first year of operations.
· Allowance for
· Sales (some receivables are collectible in 2021) 1,500,000
· Bad debt written offs during the year 10,000
· Disbursements of costs and expenses 1,200,000
· Disbursements for income taxes 90,000
·
· Purchases of fixed assets for cash 400,000
· Proceeds from issuance of ordinary shares 580,000
· Proceed from short-term borrowings 100,000
· Payments on short-term borrowings 60,000
·
· Loss on sale of fixed assets (book value 100,000) 10,000
What is the cash balance at December 31, 2020?
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