On April 1, 2023, Jimmy Kalinowski organized the consulting firm of Uncle Inc., which uses cash basis accounting. The following cash transactions were completed during the month of April: Jimmy contributed $15,000 cash in exchange for 100% of the common stock of Uncle Inc. Uncle Inc. borrowed $5,000 by issuing a Note Payable to River North Bank Uncle Inc. received $6,560 in fees from clients for services performed during the month of April Uncle Inc. paid salaries for the month of April of $3,881.

Compute Uncle Inc.'s ending balance in cash on April 30, 2023, after all transactions have been recorded.

Answer rating: 100% (QA)

To compute Uncle Incs ending balance in cash on April 30 2023 we need ... View the full answer