Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ruston Company Balance Sheet As of January 3, 2019 (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 3, 2019 (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

Transfer the journal entries to T-accounts for the transactions below, compute closing amounts for the T-accounts, and construct a final balance sheet to answer the question.

Journal amounts in thousands

Date Account and Explanation Debit Credit
Jan 4 Cash 55
Debt 55
Borrowed money from bank
Jan 5 Inventory 14
Accounts Payable 14
Bought manufacturing supplies on credit
Jan 6 Accounts Payable 7
Cash 7
Paid money owed to supplier
Jan 7 Cash 12
Inventory 10
Retained Earnings 2
Sold and delivered product to customer
Jan 8 Cash 75
Paid-In Capital 75
Issued stock
Jan 9 Property, Plant & Equipment 44
Cash 44
Paid cash for machine
Jan 10 Cash 13
Accounts Receivable 13
Received customer payment

What is the final amount in Total Assets?

Please specify your answer in the same units as the balance sheet.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Value Factor Making Managements Head Turn Internal Audit And IT Audit Series

Authors: Daniel Samson

1st Edition

1138198129, 978-1138198128

More Books

Students also viewed these Accounting questions