Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gulf Shipping Company Balance Sheet As of March 11, 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 March 11, 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 |
Use T-accounts to record the transactions below, which occur on March 12, 2020, 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
What is the final amount in Total Equity?
Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.
Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).
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