Conan Corporation had the following transactions in its first year of operations: Sales (90 percent collected in the first year) ....... $900,000 Disbursements for costs and expenses ................. 600,000 Purchases of equipment for cash ...................... 200,000 Proceeds from issuance of common stock ............... 250,000 Payments on short-term borrowings .................... 25,000
Proceeds from short-term borrowings .................. 50,000 Depreciation on equipment ............................ 40,000 Disbursements for income taxes ....................... 45,000 Bad debt write-offs .................................. 30,000 What is the cash balance at December 31 of the first year?
a. $170,000
b. $200,000
c. $240,000
d. $290,000
C
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