How much is the cash balance on December

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Question - The following information is shown in the accounting records of a company:

Balance as of 1/1/year1

Cash $62,000

Merchandise inventory 86,000

Accounts receivable 67,000

Accounts payable 53,000

Balance as of 12/31/year 1

Merchandise inventory 78,000

Accounts receivable 91,000

Accounts payable 48,000

Total sales of cost of goods sold for year 1 were $798,000 and $583,000, respectively. All sales and all merchandise purchases were made on credit. Various operating expenses of $107,000 were paid in cash. Assume there were no the pertinent transactions. How much is the cash balance on December 31, year 1?

Reference no: EM132833492

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