Provide a paragraph describing the financial status of Diamond Edge Corporation as of March 31,...
50.1K
Verified Solution
Link Copied!
Question
Accounting
- Provide a paragraph describing the financial status of Diamond Edge Corporation as of March 31, 2024, based on the following balances. Then, calculate the total assets and total liabilities.
Diamond Edge Corporation's financial position as of March 31, 2024, depicts a strong liquidity position with substantial assets and manageable liabilities. With a debit balance of ?18,000 in cash, ?22,000 in accounts receivable, ?48,000 in inventory, and ?105,000 in equipment, the total assets amount to ?193,000. On the liability side, accounts payable stand at ?28,000, and bank loan at ?65,000, totaling liabilities to ?93,000.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.