Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Siam Traders Balance Sheet As of March 11, 2020 (amounts in thousands) Cash 9,100 Accounts Payable 1,900 Accounts Receivable 4,400 Debt 2,400 Inventory 4,800 Other
Siam Traders Balance Sheet As of March 11, 2020 (amounts in thousands) | |||
---|---|---|---|
Cash | 9,100 | Accounts Payable | 1,900 |
Accounts Receivable | 4,400 | Debt | 2,400 |
Inventory | 4,800 | Other Liabilities | 600 |
Property Plant & Equipment | 15,600 | Total Liabilities | 4,900 |
Other Assets | 2,600 | Paid-In Capital | 6,900 |
Retained Earnings | 24,700 | ||
Total Equity | 31,600 | ||
Total Assets | 36,500 | Total Liabilities & Equity | 36,500 |
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 $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock 5. Pay $8,000 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