Question - Consider the following information taken from the cash account. Assume cash payments were 80% of collections.
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Cash
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??
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Beginning balance
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$115,375
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Collections
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??
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Disbursements
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$80,275
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Ending balance
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How much was the beginning balance of the cash account?
a. $103,350
b. $57,200
c. $35,100.
d. $92,300