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Mary Walker, president of Rusco Company, considers $36,000 to be the minimum cash balance for operating purposes. As can be seen from the following statements, only $31,000 in cash was available at the end of 2015. Since the company reported a large net income for the year, and also issued both bonds and common stock, the sharp decline in cash is puzzling to Ms. Walker. Rusco Company Comparative Balance Sheet July 31, 2015 and 2014 2015 2014 Assets Current assets: Cash Accounts Receivablke $ 31,000 52,200 219,200 230,800 264,400 230,800 264,400 205,600 18,200 34,200 Prepaid expenses 18,200 205,600 Total current assets 532,800 522,800 Long-term investments 138,000 200,000 Plant and equipment 892.000 194,800 892,000 766,000 194,800 Less accumulated depreciation 218,000766,000 218,000 Net plant and equipment 674,000 571,200 Total assets 1,344,800 $1,294,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities $ 189,400 247,600 18,200 54,80047,000 9,600 Income taxes payable Total current liabilities 253,800 312,800 Bonds Payable Total liablities Stockholders' equity: 248,000 501,800312,800 Common stock Retained eamings 705,000680,000 38,000301,200 Total stockholders' equity 843,000981,200 Total liabilites and stockholders equity $1.344,800 $ 1,294,000