What is the beginning cash balance for the budget period, January 20X4? (Use the

Question

What is the beginning cash balance for the budget period, January 20X4? (Use the following data to answer this question.) BALANCE SHEETS ASSETS CASH ACCOUNT RECEIVABLE OTHER CURRENT ASSETS TOTAL CURRENT ASSETS OTHER ASSETS (NET) TOTAL ASSETS 12/31/20X3 $50,000 120,000 15,000 12/32/20X2 50201 20 $40,000 80,000 30,000 150,000 25,000 $175,000 185,000 20,000 $205,000 EQUITIES ACCOUNT PAYABLE TAX PAYABLE NOTES PAYABLE TOTAL CURRENT BILITIES $25,000 5,000 25,000 $35,000 5,000 20,000 TOTAL CURRENT LBILITIES 55,000 50,000 60,000 65,000 LONG TERM DEBT CAPTIAL STOCK RETAINED EARNINGS NET WORKTH TOTAL EQUITIES 50,000 20,000 50,000 30,000 70,000 $175,000 80,000 $205,000

Explanation / Answer

Closing cash balance of 2013 will be beginning cash balance of 2014

A) $50,000

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