Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cash Ruston Company Balance Sheet As of March 11, 2021 (amounts in thousands) 9,000 Accounts Payable 3,400 Debt 5,100 Other Liabilities 17,500 Total Liabilities Accounts
Cash Ruston Company Balance Sheet As of March 11, 2021 (amounts in thousands) 9,000 Accounts Payable 3,400 Debt 5,100 Other Liabilities 17,500 Total Liabilities Accounts Receivable Inventory Property Plant & Equipment 1,200 3,600 2,100 6,900 5,900 22,800 28,700 35,600 Other Assets 600 Paid-In Capital Retained Earnings Total Equity 35,600 Total Liabilities & Equity Total Assets Use T-accounts to record the transactions below, which occur on March 12, 2021, close the T-accounts, and construct a balance sheet to answer the question. 1. Borrow $55,000 from a bank 2. Buy $14,000 worth of manufacturing supplies on credit 3. Pay $7,000 owed to a supplier 4. Receive payment of $12,000 owed by a customer 5. Issue $75,000 in stock What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started