Smith Corporation had the following transactions in 20X6, their first year of operations: Sales (90% collected in

Smith Corporation had the following transactions in 20X6, their first year of operations:

Transcribed Image Text:

Sales (90% collected in 20X6)...... Bad debt write-offs Disbursements for costs and expenses.. $1,500,000 60,000 1,200,000 Disbursements for income taxes. 90,000 Purchases of fixed assets. 400,000 Depreciation on fixed assets.. 80,000 Proceeds from issuance of common stock. 500,000 Proceeds from short-term borrowings.. 100,000 Payments on short-term borrowings....... 50,000 What is the estimated cash balance at December 31, 20X6?