Weimar World, a tax-preparation service, had a cash balance of $245,000 as of March 1. During the month of March, Weimar World had the following transactions. Billed $992,000 in revenues on credit Received $328,000 from customers’ accounts receivable Incurred expenses of $388,000 but only paid $175,400 cash for these expenses Prepaid $64,400 for computer services to be used next month What was the company’s cash balance on March 31?

Weimar World, a tax-preparation service, had a cash balance of $245,000 as of March 1. During the month of March, Weimar World had the following transactions. Billed $992,000 in revenues on credit Received $328,000 from customers’ accounts receivable Incurred expenses of $388,000 but only paid $175,400 cash for these expenses Prepaid $64,400 for computer services to be used next month What was the company’s cash balance on March 31?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 43P

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