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Complete the following extract from the Quinn household budget for three months - Junior Cycle Business Studies - Question 14 - 2019

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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\text{Closing Cash} = \text{Opening Cash} + \text{Net Cash}

Substituting the known values: Closing Cash=375+520=895\text{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\text{Closing Cash} = \text{Opening Cash} + \text{Net Cash}

Substituting the values for August: Closing Cash=895300=595\text{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\text{Closing Cash} = \text{Opening Cash} + \text{Net Cash}

Substituting the values: Closing Cash=595+450=1045\text{Closing Cash} = 595 + 450 = 1045

Therefore, the closing cash for September is 1045.

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