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The Following Items Provide Information About an Individual for the Past

Question 74

Multiple Choice

The following items provide information about an individual for the past year. What is the individual's ending cash balance?  Purchase of a new car$25,000 Cash used on living expenses 30,000 Beginning cash balance8,000Net worth, begining 22,000 Unpaid utility and rent bills2,000 Car loan proceeds20,000Sale of old car 1,000Annual net pay from job 44,000Car loan payment 1,000\begin{array}{lr}\text { Purchase of a new car}&\$25,000\\\text { Cash used on living expenses }&30,000\\\text { Beginning cash balance}&8,000\\\text {Net worth, begining }&22,000\\\text { Unpaid utility and rent bills}&2,000\\\text { Car loan proceeds}&20,000\\\text {Sale of old car }&1,000\\\text {Annual net pay from job }&44,000\\\text {Car loan payment }&1,000\\\end{array}


A) $35,000
B) $37,000
C) $17,000
D) $19,000

Correct Answer:

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