(Using an accounting equation spreadsheet to determine the opening balance in an account, LO 2) The chief financial officer of Afton Ltd. (Afton) is trying to determine the amount of cash the company had on hand one month ago on March 1, 2005. A problem with the company’s computer system resulted in the loss of the information. Use an accounting equation spreadsheet and the following information to determine the information the chief financial officer requires. Afton Ltd. had a cash balance of $75,000 on March 31, 2005.

a. On March 15 Afton purchased equipment costing $100,000 by paying $20,000 in cash and promising to pay the remainder in 90 days.

b. On March 20 Afton made payments of $10,000 on its bank loan.

c. During March Afton collected $110,000 from customers and paid suppliers

$90,000.

d. During March Afton paid employees $22,000.

e. During March Afton had other cash receipts of $2,500 and other cash payments of $8,000.