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Ruston Company Balance Sheet As of March 11, 2018 (amounts in thousands) Cash 9,000 Accounts Payable...

Ruston Company
Balance Sheet
As of March 11, 2018
(amounts in thousands)
Cash 9,000 Accounts Payable 1,200
Accounts Receivable 3,400 Debt 3,600
Inventory 5,100 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

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
4. Receive payment of $12,000 owed by a customer
5. Issue $75,000 in stock

What is the final amount in Total Assets?

Please specify your answer in the same units as the balance sheet.

Solutions

Expert Solution

Please Note that all the below figures are in thousands ($)

T Accounts :-

Cash

Beg Bal.

9000

7

(c)

(a)

55

(d)

12

(e)

75

Ending Bal.

9135

Debt

3600

Beg Bal.

55

(a)

3655

Ending Bal.

Account Payable

(c)

7

1200

Beg Bal.

14

(b)

1207

Ending Bal.

Inventory

Beg Bal.

5100

(b)

14

Ending Bal.

5114

Account Receivable

Beg Bal.

3400

12

(d)

3388

Ending Bal.

Paid In Capial

5900

Beg Bal.

75

(e)

5975

Ending Bal.

Balance Sheet

Assets

Cash

9135

Account Receivable

3388

Inventories

5114

Property, Plant & Equipment

17500

Other Assets

600

Total Assets

35737

Liabilities :-

Account Payable

1207

Debt

3655

Other Liabilities

2100

Total Liabilities

6962

Stockholders Equity :-

Paid-In Capital

5975

Retained Earnings

22800

Total Stockholders Equity

28775

Total Liabilities & Equity

35737

Final Amount in total assets = 35737

ekkarill92 answered 2 years ago
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