Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ruston Company Balance Sheet As of January 24, 2022 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,400 Debt 3,600 Inventory 5,100 Other
Ruston Company Balance Sheet As of January 24, 2022 (amounts in thousands) | |||
---|---|---|---|
Cash | 9,000 | Accounts Payable | 1,200 |
Accounts Receivable | 3,400 | Debt | 3,600 |
Inventory | 5,100 | Other Liabilities | 2,100 |
Property Plant & Equipment | 17,500 | Total Liabilities | 6,900 |
Other Assets | 600 | Paid-In Capital | 5,900 |
Retained Earnings | 22,800 | ||
Total Equity | 28,700 | ||
Total Assets | 35,600 | Total Liabilities & Equity | 35,600 |
Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.
Jan 25. Borrow $55,000 from a bank Jan 26. Buy $14,000 worth of manufacturing supplies on credit Jan 27. Pay $7,000 owed to a supplier Jan 28. Receive payment of $12,000 owed by a customer Jan 29. Issue $75,000 in stock
What is the final amount in Total Assets?
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