Complete the following extract from the Quinn household budget for three months - Junior Cycle Business Studies - Question 14 - 2019
Question 14
Complete the following extract from the Quinn household budget for three months.
| Months | July | August | September | Total |
|-------------|------|-------... show full transcript
Worked Solution & Example Answer:Complete the following extract from the Quinn household budget for three months - Junior Cycle Business Studies - Question 14 - 2019
Step 1
Opening cash for September
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Answer
To find the opening cash for September, we use the closing cash from August. Hence, the opening cash for September is the same as the closing cash from August, which is 595.
Step 2
Closing cash for July
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Answer
To find the closing cash for July, we can use the formula:
Closing Cash=Opening Cash+Net Cash
Substituting the known values:
Closing Cash=375+520=895
Thus, the closing cash for July is 895.
Step 3
Closing cash for August
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Answer
Using the same formula:
Closing Cash=Opening Cash+Net Cash
Substituting the values for August:
Closing Cash=895−300=595
So, the closing cash for August is 595.
Step 4
Closing cash for September
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Answer
For September, we utilize the same formula again:
Closing Cash=Opening Cash+Net Cash
Substituting the values:
Closing Cash=595+450=1045
Therefore, the closing cash for September is 1045.
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