Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gulf Shipping Company Balance Sheet As of March 11, 2018 (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 March 11, 2018 (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

Use T-accounts to record the transactions below, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer the question.

1. Purchase equipment for $50,000 in cash 2. Borrow $67,000 from a bank 3. Issue $80,000 in stock 4. Buy $16,000 worth of manufacturing supplies on credit 5. Pay $7,000 owed to a supplier

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_2

Step: 3

blur-text-image_3

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

Auditing The Modern Hospital

Authors: B. J Hall

1st Edition

0130516724, 978-0130516725

More Books

Students also viewed these Accounting questions