Determine the opening cash balance of the?

Entrance fees…………………….N1200
Subscriptions (including N850 arrears). N4310
Donations received………………..N1500
Proceeds from sales……………….N2300
Total payments……………………N8200
Depreciation……………………..N2100
Closing cash balance………………N1110

The club deposited 200% of the closing cash balance in he bank during the period.

A. N3070
B. N2220
C. N5710
D. N4320

Correct Answer:

Option B – N2220