Answer:
total assets = $97,600
Explanation:
Jan 25. Borrow $55,000 from a bank
Dr Cash 55,000
Cr Debt 55,000
Jan 26. Buy $14,000 worth of manufacturing supplies on credit
Dr Inventory 14,000
Cr Accounts payable 14,000
Jan 27. Pay $7,000 owed to a supplier
Dr Accounts payable 7,000
Cr Cash 7,000
the ending balances of the accounts involved in the 3 previous transactions are:
Cash 9,000 + 55,000 - 7,000 = $57,000
Accounts Payable 1,200 + 14,000 - 7,000 = $8,200
Inventory 5,100 + 14,000 = $19,100
Debt 3,600 + 55,000 = $58,600
Account Receivables 3,400
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
RUSTON COMPANY
Balance Sheet
For the month ended January 31, 202x
Assets
Cash $57,000
Inventory $19,100
Account Receivables $3,400
Property Plant & Equipment $17,500
Other Assets $600
Total assets: $97,600
Liabilities and stockholders' equity
Accounts Payable $8,200
Debt $58,600
Other Liabilities $2,100
Total liabilities $68,900
Paid-In Capital $5,900
Retained Earnings $22,800
Total Equity $28,700
Total Liabilities & Equity $97,600
