Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Use the starting balance sheet, income statement, and the list of changes to answer the question. Ruston Company Balance Sheet As of December 31, 2018

Use the starting balance sheet, income statement, and the list of changes to answer the question.

Ruston Company Balance Sheet As of December 31, 2018 (amounts in thousands)
Cash 21,000 Liabilities 25,000
Other Assets 31,000 Equity 27,000
Total Assets 52,000 Total Liabilities & Equity 52,000
Ruston Company Income Statement January 1 to March 31, 2019 (amounts in thousands)
Revenue 3,100
Expenses 4,400
Net Income -1,300

Between January 1 and March 31, 2019:

1. Other Assets decrease by $200,000 2. Liabilities increase by $300,000 3. Paid-In Capital does not change 4. Dividends paid of $100,000

What is the value for Cash on March 31, 2019?

Please specify your answer in the same units as the financial statements.

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_2

Step: 3

blur-text-image_3

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

Accounting The Basis For Business Decisions

Authors: Robert F. Meigs, Mary A. Meigs, Mark Bettner, Ray Whittington

10th Edition

0070433607, 978-0070433601

More Books

Students explore these related Accounting questions