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Find the estimated cash balance at December

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Reference no: EM132842423

Question - Holland Ltd provided these estimates for the six months ending 31 December.

Cash receipts from services provided $60,000

Cash payments for expenses 40,000

Payment for purchase of equipment 18,500

Depreciation of equipment 4,000

Borrowings from the bank 15,000

Rent paid in advance 3,000

The cash balance at 1 July is $13,000.

Find the estimated cash balance at 31 December?

a. deficit of $15 000

b. surplus of $13 500

c. surplus of $11 000

d. surplus of $26 500

e. surplus of $33 000

Reference no: EM132842423

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