Alaniz Company follows GAAP and uses accrual accounting. At December 31, 2015, their trial balance is shown below: Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 54,148 48,192 8,036 2,447 5,320 43,860 1,370 21,118 2,707 The following activities occurred in 2016: 1. Performed advertising services on account, $64,050. 2. Received cash payments on account, $12,300. 3. Received deposits from customers for a 4. Made payments to suppliers on account, $5,320. 5. Incurred $52,400 of operating expenses: $45,400 was paid in cash and $7,000 was on account and unpaid as of the end of the year What is the balance in the Cash account at December 31, 2016? 2 7 FFH Multiple Choice o $48,192 o $53,321 o $55,172 o $13,572