To calculate how much additional cash the entity borrowed during the period, you need to consider the opening balance, the closing balance, and the amount paid off.

Here's how you calculate it:

1. Start with the closing balance of borrowings, which is $550,000.

2. Subtract the opening balance of borrowings, which is $330,000. This gives you $550,000 - $330,000 = $220,000. This is the net increase in borrowings during the period.

3. However, we know that the entity also paid off $240,000 of its borrowings during the period. So, to find out how much new borrowing was done, we need to add this amount to the net increase calculated above. This gives us $220,000 + $240,000 = $460,000.

So, the entity borrowed an additional $460,000 during the period.

Question

To calculate how much additional cash the entity borrowed during the period, you need to consider the opening balance, the closing balance, and the amount paid off.

Here's how you calculate it:

1. Start with the closing balance of borrowings, which is $550,000.

2. Subtract the opening balance of borrowings, which is $330,000. This gives you $550,000 - $330,000 = $220,000. This is the net increase in borrowings during the period.

3. However, we know that the entity also paid off $240,000 of its borrowings during the period. So, to find out how much new borrowing was done, we need to add this amount to the net increase calculated above. This gives us $220,000 + $240,000 = $460,000.

So, the entity borrowed an additional $460,000 during the period.

Knowee AI · Accepted Answer

To calculate how much additional cash the entity borrowed during the period, you need to consider the opening balance, the closing balance, and the amount paid off.

Here's how you calculate it:

1. Start with the closing balance of borrowings, which is $550,000.

2. Subtract the opening balance of borrowings, which is $330,000. This gives you $550,000 - $330,000 = $220,000. This is the net increase in borrowings during the period.

3. However, we know that the entity also paid off $240,000 of its borrowings during the period. So, to find out how much new borrowing was done, we need to add this amount to the net increase calculated above. This gives us $220,000 + $240,000 = $460,000.

So, the entity borrowed an additional $460,000 during the period.

If the opening balance of borrowings was $330,000, the closing balance was $550,000 and a total of $240,000 was paid off the entity’s borrowings during the period, how much additional cash did the entity borrow during the period?$120,000$460,000$90,000$3,100,000

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