During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash. a. Do

Question:

During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash.
a. Do the data indicate that Racoon Co. earned $49,850 during the month? Explain.
b. If the balance of the cash account is $72,350 at the end of the month, what was the cash balance at the beginning of the month? Discuss.