Question

Andy Company had a cash balance on May 1 of $ 29 000. At the end of May, the cash balance has increased to $ 30 000. During the month of May, Andy received cash of $ 50 000 from various sources. Based on this information, cash payments for the month of May were ______.

Answer 1

Answer:

$49,000

Explanation:

The cash balance at the end of the period is the remaining balance after considering the opening cash balance and the net movement (which is the inflow and outflow) in cash during the period.

Let the cash payments be y

$29000 + $50000 - y = $30,000

y = $29000 + $50000 - $30,000

y = $49,000

Cash payments for the month of May were $49,000