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The beginning balance in cash was $100,000. The beginning balance in accounts receivable was $50,000 and...

The beginning balance in cash was $100,000. The beginning balance in accounts receivable was $50,000 and the ending balance was $45,000. The beginning balance in wages payable was $40,000 and the ending balance in wages payable was $41,000. During the year the company had credit sales of $120,000 and wage expense of $48,000. What was the ending cash balance

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Answer #1
Beginning accounts receivable 50000
(+) Credit sales 120000
(-) Ending accounts receivable 45000
Collection from accounts receivable 125000
Beginning wages payable 40000
(+) Wages expense 48000
(-) Ending wages payable 41000
Payment for wages 47000
Beginning cash balance 100000
(+) Collection from accounts receivable 125000
(-) Payment for wages 47000
Ending cash balance 178000
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