The company's total assets are $40,000. the following is a listing of the company’s accounts and account balances as of december 31, year 3. this company doesn't have any other accounts. accounts payable $ 8,000 accounts receivable 8,000 supplies 2,000 equipment 26,200 common stock 15,000 cash unknown retained earnings unknown required: determine the balance of the cash account.

Determine the balance of the Cash account.

$3,800Cash

Explanation:

As the total assets it's $40,000 by difference it's possible to find the total balance of cash account.

There are 3 accounts which belongs to the asset part, Accounts Receivable, Supplies and Equipment, by difference with the total balance of Assets it's possible to find the balance of Cash.

$40,000  TOTAL ASSETS  

Minus

-$8,000  Accounts Receivable

-$2,000  Supplies

-$26,200Equipment

$3,800    Cash

December 31, Year 3  

$3,800Cash

$8,000Accounts Receivable

$2,000Supplies

$13,800  TOTAL CURRENT ASSETS  

$26,200Equipment

$26,200  TOTAL NONCURRENT ASSETS  

$40,000  TOTAL ASSETS  

$8,000  Accounts Payable  

$0,000  Income Tax Payable  

$8,000  TOTAL CURRENT LIABILITIES  

$8,000  TOTAL LIABILITIES  

$17,000  Retained Earnings  

$15,000  Common Stock  

$32,000  TOTAL EQUITY  

$40,000  TOTAL EQUITY + LIABILITIES  

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

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