1. What is the total asset balance on 2/28/18? 2. Find the company\'s retained e

Question

1. What is the total asset balance on 2/28/18?

2. Find the company's retained earnings balance on 2/28/18.

3. Find the amount of cash the company collected from its customers.

Use the following information to answer the next three questions. Balance Sheet-2/1/2018 Assets Cash 2500 Liabilities and Owners Equity Debt Stock Total 1100 2100 3200 Long Term Assets 700 Total 3200 Suppose that the following transactions occurred between 2/1/2018 and 2/28/2018: 1. Inventory purchase of $3000 (due 3/31/18) 2. $1000 in cash sales 3. $3000 in credit sales (due 3/31/18) 4. Operating Accruals of $90 5. Depreciation of $225 6. Taxes of $160 (Due 2/27/2018) 7. Interest of $50 (Due 2/27/18) 8. Ending inventory of $1000

Explanation / Answer

1.

Asset

2.

3. Cash collected from customer = 1000 ( cash sales)

1.

Asset

Cash 2500 LT asset 700 acc. rev. 3000 inventory 1000 Dep -225 Total Asset 6975

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