Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ruston Company Balance Sheet As of March 11, 2021 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,600 3,400 Debt 5,100 Other Liabilities

image text in transcribed

Ruston Company Balance Sheet As of March 11, 2021 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,600 3,400 Debt 5,100 Other Liabilities Inventory 2,100 17,500 Total Liabilities 6,900 Property Plant & Equipment 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 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 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

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

CIA Part 1 Essentials Of Internal Auditing 2022

Authors: MUHAMMAD ZAIN

1st Edition

B09PHFC28N, 979-8794951356

More Books

Students also viewed these Accounting questions

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago