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Monroe Company began business on Jan. 1, 2020. During the three month period ending March...

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Accounting

Monroe Company began business on Jan. 1, 2020. During the three month period ending March 31, 2020, Monroe had the following transactions:

  • Jan. 1 - Sold 100 shares of stock to stockholders for $10,000.
  • Jan. 1 - Borrowed $20,000. No payments are due on this loan until Jan. 1, 2022, and at that time Monroe will owe $21,200.
  • Feb. 1 - Paid $900 for insurance for three months.
  • Feb. 1 - Bought equipment for $15,000 cash. The equipment is expected to last for five years and then be worthless.
  • Feb. 6 - Purchased inventory on account for $8,000.
  • Feb. 13 - Bought land for $11,000 cash.
  • Feb. 26 - Sold $2,500 of inventory for $7,000 cash.
  • March 1 - Paid accounts payable.
  • March 8 - Sold one-half of the land for $6,000 cash.
  • March 12 - Paid $4,000 in salaries.
  • March 26 - Sold $5,000 in inventory for $13,000, half in cash and half on account.
  • March 29 - Received utility bill for the first quarter's utilities of $2,600. This will be paid in April.
  • March 31 - Paid $1,000 in dividends.

How much did Monroe Co. have in cash at March 31, 2020?

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