Tidal Co Has the Following Transactions in 2011,its First Year

question 31

Multiple Choice

Tidal Co has the following transactions in 2011,its first year of operations: $\begin{array}{lr} & ` 000 \\\text { Total sales (90\% was collected in 2011) } & \$ 1500 \\\text { Amortisation of patents } & 60 \\\text { Payments for expenses } & 1200 \\\text { Payments for income tax } & 90\\\text { Purchases of fixed assets for cash } & 300 \\\text { GST remitted to the tax department } & 100 \\\text { Depreciation of fixed assets } & 80 \\\text { Proceeds from issue of ordinary shares } & 500 \\\text { Proceeds from short-term borrowing } & 50\end{array}$ What is the cash balance at 31 December 2011?

• A)$150 000
• B)$170 000
• C)$210 000
• D)$280 000

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