On June 3, James decided to operate his own hot dog stand by investing $3,000. He...

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On June 3, James decided to operate his own hot dog stand by investing $3,000. He bought $750 worth of wieners and buns from a supplier who agreed to accept 50% cash down with the balance to be paid in 30 days. He paid $1,500 for the hot dog cart and expects the cart to last for 5 years (assume that the straight-line method of depreciation for one full month is used). During the month of June, he sold 85% of his inventory for $2,000 (98% was received in cash) and incurred $200 in other operating expenses (all paid). On June 28, dividends were paid $150 in cash. The cash account at the end of June is: $2,360 $2,735 $2,585 O $2,885 On June 3, James decided to operate his own hot dog stand by investing $3,000. He bought $750 worth of wieners and buns from a supplier who agreed to accept 50% cash down with the balance to be paid in 30 days. He paid $1,500 for the hot dog cart and expects the cart to last for 5 years (assume that the straight-line method of depreciation for one full month is used). During the month of June, he sold 85% of his inventory for $2,000 (98% was received in cash) and incurred $200 in other operating expenses (all paid). On June 28, dividends were paid $150 in cash. The cash account at the end of June is: $2,360 $2,735 $2,585 O $2,885

Answer rating: 100% (QA)

Answer The correct option is B 2735 Explanation Balance of cash ... View the full answer