Read the following memorandum and provide the requested information.
MEMORANDUM
TO: Your Name
DATE: July 31, 20—
FROM: J. Perrault, Supervisor
SUBJECT: Calculations for Richter Co.
Please provide the following information ASAP (as soon as possible).
1. The balance of cash in Richter Company’s checkbook shows $ 13,364. I need to know if this ties to or matches the Cash account balance. I do know that total assets amount to $ 43,560; Office Equipment amounts to $ 3,896; and other noncash assets are Professional Equipment, $ 24,375 and Prepaid Insurance, $ 1,925.
2. D. Richter, the owner, wants to know the amount of his owner’s equity. I pulled the outstanding bills, which amount to $ 7,942. Please put the information in a memo addressed to me. Thank you for your prompt response.