Reference no: EM131204976
The Goodman Corporation completed the following transactions for the month:
Date and Activity:
1 Owners begin company by investing $50,000
4 Purchased $5,000 of office equipment
6 Purchased $20,000 of inventory on account
9 Sold $17,000 of the inventory to customers for $25,000
15 Paid for 25% of the inventory purchased on the 6th
20 Purchased another $10,000 of inventory on account
24 Sold $5,000 of the inventory to customers on account for $12,000
Based on the transactions above, what is the company’s cash balance at the end of the month? A. 50,000 B. 65,000 C. 77,000 D. 40,000 E. None of the above
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