Question

In 2020, Marin Corporation had net cash provided by operating activities of $533,000, net cash used by investing activities of $907,000, and net cash provided by financing activities of $576,000. At January 1, 2020, the cash balance was $320,000. Compute December 31, 2020, cash. Cash, December 31, 2020

Answer 1

Answer:

$522,000

Explanation:

The net cash that should be reported by the Marin Corporation at the December 31, 2020 shall be determined through the following mentioned equation:

Net cash at December 31, 2020=Cash balance at January 1, 2020+cash provided by the operating activities-Cash used by the investing activities+cash provided by the financing activities

Applying the data given in the question to the above mentioned formula:

Net cash at end of 2020=$320,000+$533,000-$907,000+$576,000

                                         =$522,000