Today, you worked four hours and expect to be paid next week at a rate of $15 per hour, or $60.  When on the way home, you put gas in your car to replace what you used today.  You put the charge of $20 on your credit card.   

 

When you get home, you look at your bank account online and find that you were paid by Big Stuff last week, and $100 has been added to your checking account.   You also have received a bill from the electric company for $85 and decide to pay it.    You started out today with $45 in your checking account.  You never have any cash in your wallet.  Your Ending Cash Balance is $60.

 

1. Using the BASE Method, what is your Beginning Cash balance?

2. Now that you know the beginning cash balance, your ending cash of $60, and that you had paid a bill for $85, how much money had been added to your checking account from collecting your earnings?

 

3. How about if you knew the beginning cash balance, your ending cash of $60, and that you have been paid $100. how much money was collected from your earnings?

Answer rating: 100% (QA)

Using the BASE Method the Beginning Cash balance is calculated as follows Beginning Cash Balance End... View the full answer