80. Correct answer c. Brooke’s February cash balance is $232,500 as shown below.
January February
Opening balance $200,000 $ 55,000
Accounts receivable 300,000 (Dec.) 420,000 (700,000 x .6)
Accounts receivable 280,000 (700,000 x .4) 320,000 (800,000 x .4)
Accounts payable 400,000 (Dec.) 175,000 (350,000 x .5)
Accounts payable 175,000 (350,000 x .5) 212,500 (425,000 x .5)
Other expense 150,000 175,000
Cash balance $ 55,000 $232,500
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