Given the following information, determine the amount of cash on the balance sheet, assuming that the company has only three assets. Liabilities equal $3,050; owner's equity equals $25,000; supplies equal $1,500; and land equals $22,500.
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Thomlin Company forecasts that total overhead for the current year will be $11,938,000 with 177,000 total machine hours. Year to date, the actual overhead is $7,533,000 and the actual machine hours are 85,000 hours.
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