As of the Beginning of the Quarter, Callahan, Inc

question 21

Multiple Choice

As of the beginning of the quarter, Callahan, Inc. had a cash balance of $320. During the quarter the company paid suppliers $230. The company collected $400 from customers. The company also
Paid an interest payment of $40 and $170 in taxes. In addition, the company borrowed $100. What
Is Callahan's cash balance at the end of the quarter?

• A) $60
• B) $180
• C) $380
• D) $520
• E) $620

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Definitions:

Small Denomination CDs

Certificates of Deposit that are issued in relatively small amounts, making them accessible to individual investors.

Money Supply

The sum of monetary holdings in an economy, which includes cash, coins, and the balances in checking and saving accounts, at a specific instant.

Standard of Value

A criterion that allows the value of various goods and services to be compared.

Store of Value

A store of value is an asset that maintains its value over time without depreciating, allowing it to be saved, retrieved, and exchanged at a later time.