P$7\mathrm{.}1($LO $1)$ Excel $($Determine Proper Cash

Barance$)$ Francis Equipment Co$.$ closes its books regularly on December $31,$ but at the end of $2020$ it held its cash book open so that a more favorable balance sheet co$$ld be prepared for credit purposes. Cash receipts and disbursements for the first $10$ days of January were recorded as December transactions. The information is given below.

January cash receipts recorded in the December cash book totaled $$45,640,$ of which $$28,000$ represents cash sales, and $$17,640$ represents collections on account for which cash discounts of $$360$ were given.

January cash disbursements recorded in the December check register liquidated accounts payable of $$22,450$ on which discounts of $$250$ were taken.

The ledger has not been closed for $2020.$

The amount shown as inventory was determined by physical count on December $31,2020.$

The company uses the periodic method of inventory.