All balances are as of the end of the period. There are no other accounts listed. Find the...
All balances are as of the end of the period. There are no other accounts listed. Find the missing amount.
Total Liabilities$40,000
Ending Retained Earnings$60,000
Common Stock$20,000
Paid in Capital$ 10,000
Accounts Receivable$40,000
Cash ????
Equipment, net $30,000
What is the ending balance of the cash account?
Homework Answers
Total liabilities + shareholders's equity = total assets
The ammount of cash is not given in question , therefore we assume that ammount of cash = X
Therefore,
Total liabilities + ending retain earning + commone stock + paid in capital = Account receivable + Cash + equipment
$ 40,000 + $ 60,000 + $ 20,000 + $ 10,000 = $ 40,000 + x + $ 30000
$ 130000 = $ 70000 + X
X = $ 60000
Therefore balance in cash account is $ 60000.
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