On May 1, your firm had a beginning cash balance of RM175. Your sales for April were RM430 and your May sales were RM480. During May, you had cash expenses of RM110 and payments on your accounts payable of RM290. Your accounts receivable period is 30 days. What is your firm’s beginning cash balance on June 1?

a.

RM205

b.

RM155

c.

RM145

d.

RM215

Answer rating: 100% (QA)

Beginning balance RM 175 Cash expense RM 110 Payment on acc... View the full answer