Cascade Snowboards Shoppe had a cash balance of $10,000 last year. This year it received $500,000 in cash from sales and paid $200,000 for inventory and $130,000 for operating expenses. It also paid $10,000 for new office furniture and $120,000 for new machinery in its warehouse. Lastly, it paid $30,000 towards the mortgage. What is its new cash balance?

Multiple Choice

• $40,000

• $0

• $20,000

• $50,000

• $10,000