1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
icang [17]
3 years ago
5

RUSTON COMPANY Balance Sheet As of January 24, 2018 (amounts in thousands)Cash 9,000 Accounts Payabe 1,200Account Receivables 3,

400 Debt 3,600Inventory 5,100 Other Liabilities 2,100Property Plant & 17,500 Total liabilites 6,900EquipmentOther Assets 600 Paid-In Capital 5,900Retained Earnings 22,800Total Equity 28,700Total Assets 35,600 Total Liabilities & Equity 35,600Record 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 bankJan 26. Buy $14,000 worth of manufacturing supplies on creditJan 27. Pay $7,000 owed to a supplierWhat is the final amount in Total Assets
Business
1 answer:
mixer [17]3 years ago
5 0

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

You might be interested in
When two knowledgeable people acting independently each produce the same information, this information is said to be?
8090 [49]
When two knowledgeable people acting independently each produce the same info, this info is said to be true because they could have possibly thought about it together.
8 0
3 years ago
When standard direct labor hours differ from actual direct labor hours used, the company experienced a(n):
omeli [17]

Answer:

efficiency variance

Explanation:

When standard direct labor hours differ from actual direct labor hours used, the company experienced an "efficiency varaiance". It can be used in order to analyze how effective an operation is in relation to labor, materials, machine time and other production factors.

Efficiency variance is actually the difference which exists between the theoretical amount of inputs which are needed to produce an output and the actual number of inputs which are required to manufacture the unit of output.

6 0
2 years ago
A type of check that has a bank's guarantee of payment is a
ziro4ka [17]
I think it's a cashier's check...(Don't mark my words)
6 0
3 years ago
Read 2 more answers
If you deposit $100 of currency into a demand deposit at a bank, this action by itself
Dahasolnce [82]

Answer:

A) Does not change the money supply.

Explanation:

Demand deposits change the monetary base, because the monetary base equals currency plus demand deposits.

However, in itself, a demand deposit does not change the money supply. For the change in the money supply to occur, the bank must loan out some of the money in the deposit.

8 0
3 years ago
Majority rule, first-come/first-served, and sharing equally are examples of _____ .
Trava [24]
The examples mentioned above are examples of non-market distribution method, Non-market distribution method is a process wherein the distribution products, services, and goods does not have profit motivation. In most cases, products, goods, and services are offered for a low price.
5 0
3 years ago
Read 2 more answers
Other questions:
  • Rottino Company purchased a new machine on October 1, 2015, at a cost of $150,000. The company estimated that the machine will h
    5·1 answer
  • Why did many business owners want very little interference from the government?
    11·1 answer
  • Ashley is an attorney who specializes in family law. She uses the cash method of accounting and is a calendar-year taxpayer. Las
    7·1 answer
  • Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it into unusual bottles with el
    8·1 answer
  • Jay-Zee Company makes an in-car navigation system. Next year, Jay-Zee plans to sell 20,000 units at a price of $340 each. Produc
    10·1 answer
  • the lease on a new office requires an immediate payment of $24,000 (in year 0) plus $24,000 per year at the end of each of the n
    7·1 answer
  • In each of the cases below, assume Division X has a product that can be sold either to outside customers or to Division Y of the
    14·1 answer
  • In year 1, Crest Company purchased equipment for $75,000. Crest uses straight-line depreciation over a 5-year useful life with n
    12·1 answer
  • Which marketing activity is most directly served by the promotion element of the marketing mix?
    8·1 answer
  • Eileen is a risk neutral consultant, doing work for acme, inc. The company offers her a choice of two compensation plans. Under
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!