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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.
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