Answered Essay: Tennison Corporation had the following transactions in its first year of operations:

Tennison Corporation had the following transactions in its first year of operations:

Sales (90% collected in year) $ 1,500,000
Bad debt write-offs 60,000
Disbursements for costs and expenses 1,200,000
Disbursements for income taxes 90,000
Purchases of fixed assets 400,000
Depreciation of fixed assets 80,000
Proceeds from issuance of common stock 500,000
Proceeds from short-term borrowings 100,000
Payments on short-tern borrowings 50,000

What is the cash balance at year end?

$150,000.

$170,000.

$210,000.

$280,000.

Expert Answer

 

Cash receipts:
Sales 1350000
Proceeds from issuance of common stock 500000
Proceeds from short-term borrowings 100000
Total Cash receipts 1950000
Payments:
Disbursements for costs and expenses 1200000
Disbursements for income taxes 90000
Purchases of fixed assets 400000
Payments on short-tern borrowings 50000
Total Payments 1740000
Cash balance at year end 210000
Option3 is correct
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