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Ruston Company Balance Sheet As of March 11, 2018 Cash 9,000,000 Accounts Payable 1,200,000 Accounts Receivable 3,400,000 Debt 3,600,000 Inventory

Ruston Company

Balance Sheet

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

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