As of March 11, 2018
Cash 9,000,000 Accounts Payable 1,200,000 Accounts Receivable 3,400,000 Debt 3,600,000 Inventory 5,100,000 Other Liabilities 2,100,000 Property Plant & Equipment 17,500,000 Total Liabilities 6,900,000 Other Assets 600,000 Paid-In Capital 5,900,000
Retained Earnings 22,800,000
Total Equity 28,700,000 Total Assets 35,600,000 Total Liabilities & Equity 35,600,000
Use T-accounts to record the transactions below, which occur on March 12, 2018, 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?
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Assets: Those assets that can be converted to cash within a span of one year are current assets. They appear in the balance... View the full answer