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Napa Valley Wines opened a new store and completed the following transactions during June:
Shareholders invested $250,000 cash in exchange for common stock.
Purchased a delivery truck for $15,000 cash.
Purchased $5,000 of wine on account. Paid $3,000 toward the outstanding account balance. At the end of the month, $400 of inventory remained on hand.
Paid $6,000 for selling expenses.
Sold wine to customers and collected $18,000 cash. Billed corporate clients for an additional $2,500 of wine delivered during June.
How much will the company report on its Balance Sheet as Cash on June 30?
a. 54,400
b. 56,800
c. 144,000
d. 244,000
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