Determine the cash receipts during July

What is the amount of cash receipts during July?

The cash receipts during July amounted to $123,520.

Calculation of Cash Receipts During July

To determine the cash receipts during July, we need to calculate the difference between the July 1 balance and the July 31 balance, and then subtract the cash payments made during the month. Given information: July 1 cash balance = $42,830 July 31 cash balance = $33,850 Cash payments during July = $132,500

Step 1: Calculate the Change in Cash Balance During July

Change in cash balance = July 31 cash balance - July 1 cash balance Change in cash balance = $33,850 - $42,830 = -$8,980

Step 2: Calculate the Cash Receipts

Cash receipts = Change in cash balance + Cash payments Cash receipts = -$8,980 + $132,500 = $123,520 Therefore, the amount of cash receipts during July was $123,520. This calculation helps in understanding the financial inflow and outflow of cash throughout the month. It is important for businesses to track their cash receipts to ensure proper cash flow management and financial stability.
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