Mary Walker, president of Rusco Company, considers $29,000 to be the minimum cash balance for operating purposes. As can be seen from the following statements, only $24,000 in cash was available at the end of this year. 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 at July 31 Assets Current assets: This Year Last Year. Cash Accounts Receivable Inventory Prepaid expenses Total current assets Long-term investments Plant and equipment Less accumulated depreciation Net plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds Payable. Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 24,000 232,600 258, 100 $ 43,800 221,700 201,400 25,800 492,700 13, 300 528,000 117,000 165,000 878,000 214,500 759,000 192,700 663,500 566, 300 $ 1,308,500 $1,224,000 $ 239,900 8,900 49, 200 $ 176,800 16,800 43,500 298,000 237,100 227,000 118,000 525,000 355,100 672,500 645,000 111,000 223, 900 783, 500 868,900 $ 1,308, 500 $1,224,000