Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands)
Cash 14,300 Accounts Payable 1,900
Accounts Receivable 4,100 Debt 3,200
Inventory 5,800 Other Liabilities 4,000
Property Plant & Equipment 14,800 Total Liabilities 9,100
Other Assets 700 Paid-In Capital 7,700
Retained Earnings 22,900
Total Equity 30,600
Total Assets 39,700 Total Liabilities & Equity 39,700

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.

Jan 25. Purchase equipment for $50,000 in cash Jan 26. Borrow $67,000 from a bank Jan 27. Issue $80,000 in stock

What is the final amount in Total Equity?

Please specify your answer in the same units as the balance sheet.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment Grade Energy Audit Making Smart Energy Choices

Authors: Shirley J. Hansen, James W. Brown

1st Edition

0824709284, 978-0824709280

More Books

Students also viewed these Accounting questions