At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000
criminologist Gwynn Nettler
August 15, 2017The principal purpose of the cash budget is to see how much cash the company will have in the bank at the end of the year.†Do you agree? Explain. If you agree, are there any other purposes that might also be important? If you don’t agree, what do you feel is the principal purpose then?
August 15, 2017At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, owners’ equality totaled $379,000.
Calculate net income or loss for the year;
A = L + PIC + RE
Beginning $______ $________ $_______ $_________
Changes
Ending $_______$_________$________$___________
