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Ramsey Corporation reported the given accounts and balances in its financial statements:

Cash $35,000

Inventory $10,200

Equipment $19,500

Accounts Payable $16,350

Contributed Capital $30,000

Retained Earnings $18,350

Arrange the accounts and balances to the accounting equating by using the given equation and then answer the given problems.

Assets = Liabilities + owner's equity

Find out the total amount of assets? Determine the total amount of liabilities? What is the total amount of owner's equity?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919045

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