Reference no: EM131507753
Question: On December 31, 0007, a small motel has a bank balance of $7,100. On that same date its balance sheet showed that it had a bank loan payable of $73,900. The motel's budgeted income statement is as follows for 0008:
Total sales 367,900 from January through October 0008 was $333,391. Sales are 42% cash and 58% on credit cards. Credit card sales collections are 92% in the month of sales and 8% in the following month. Sales for October, November, and December of 0008 are:
The owner pays all expenses at the time they occur so they do not carry any accounts payable. The income tax for 0008 income will not be paid until March 0009. However, $9,800 for 0007 income tax was paid in March 0008. The motel owner plans to buy new furniture in May 0008 at an estimated cost of $15,600. By the end of December 31, 0008, the bank loan payable will have been reduced to $49,200. Calculate the motel's ending bank balance at December 31, 0008.
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