Question

Use the starting balance sheet, income statement, and the list of changes to answer the question....

Use the starting balance sheet, income statement, and the list of changes to answer the question.

Ruston Company
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash 21,000 Liabilities 25,000
Other Assets 31,000 Equity 27,000
Total Assets 52,000 Total Liabilities & Equity 52,000
Ruston Company
Income Statement
January 1 to March 31, 2020
(amounts in thousands)
Revenue 3,100
Expenses 4,400
Net Income -1,300

Between January 1 and March 31, 2020:

1. Other Assets decrease by $200,000
2. Liabilities increase by $300,000
3. Paid-In Capital does not change
4. Dividends paid of $100,000

What is the value for Cash on March 31, 2020?

Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

Homework Answers

Answer #1
Ruston Company
Cash flow statement
As of December 31, 2019 (Amount in thousands)
Cash flow from operating activities:
Net income -1,300
Add: Decrease in other assets 200
Add: Increase in liabilities 300
Net cash flow from operating activities -800
Cash flow from investing activities 0
Cash flow from financing activities:
Cash dividend paid -100
Net decrease in cash during the year -900
Add: Cash balance as at Dec. 31, 2019 21,000
Cash balance as on March 31, 2020 20,100
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