Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gulf Shipping Company Balance Sheet As of January 24, 2020 (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, 2020 (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 Jan 28. Buy $16,000 worth of manufacturing supplies on credit Jan 29. Pay $7,000 owed to a supplier
What is the final amount in Total Equity?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started