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On May 1, Your fiRm Had a Beginning Cash Balance

Question 106

Multiple Choice

On May 1, your firm had a beginning cash balance of $140. Your sales for April were $350 and your May sales were $430. During May you had cash expenses of $90 and payments on your accounts
Payable of $260. Your accounts receivable period is 30 days. What is your firm's beginning cash
Balance on June 1?


A) $100
B) $140
C) $220
D) $400
E) $570

Correct Answer:

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