during february 2021 its first month of operations, the stockholders of waterway enterprises invested cash of $49900. waterway had cash revenues of $9000 and paid expenses of $14800. assuming no other transactions impacted the cash account, what is the balance in cash at february 28? $55700 debit $5800 credit $44100 debit $5800 debit

Question

25-10-2022
Business

Answered

during february 2021 its first month of operations, the stockholders of waterway enterprises invested cash of $49900. waterway had cash revenues of $9000 and paid expenses of $14800. assuming no other transactions impacted the cash account, what is the balance in cash at february 28? $55700 debit $5800 credit $44100 debit $5800 debit

Answer :

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varshamittal029 varshamittal029 · Answer 1 · 2022-11-18T10:36:29-05:00

Balance in cash on February 28, is $44100. Balance in cash is the difference between revenues earned and expenses paid. Balance in cash can also be checked through the cash flow statement of the company. Cash flow statement shows all the cash inflows and cash outflows which has been made in the year.

It is given that the investment by stakeholders is $49900, cash revenues of $9000. Also, it is given that the expenses were paid of $14800.

Balance in cash can be calculated as the difference between revenues earned and expenses paid.

Thus, balance in cash = Cash earned - Cash paid.

In this ques, Cash earned = investment + cash revenues= $49900 + $14800= $64700

Cash paid = expenses= $14800

Thus, balance of cash = $64700 - $14800= $44100

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