Calculate the Cash Available at the Beginning of the Day

question 5

Multiple Choice

Calculate the cash available at the beginning of the day if cash at the end is $950, receipts from customers are $360 and payments to suppliers are $425.

• A)$150.
• B)$160.
• C)$340.
• D)$885.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use, representing the wear and tear on the asset over time.

Balance Sheet Credit

Refers to any credit entry recorded in the balance sheet, indicating an increase in liabilities or equity or a decrease in assets.

Adjusted Trial Balance

A trial balance prepared after adjusting entries are made and posted, used to verify the equality of debits and credits.

Financial Statements

These are formal records that detail a company's financial activities and condition, typically including the balance sheet, income statement, and cash flow statement.