Question
Torche Corporation Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,700 Accounts Payable 2,400 Accounts Receivable 4,800 Debt 3,700 Inventory 3,800 Other
Torche Corporation
Balance Sheet
As of January 24, 2019
(amounts in thousands)
Cash 14,700
Accounts Payable 2,400
Accounts Receivable 4,800
Debt 3,700
Inventory 3,800
Other Liabilities 5,000
Property Plant & Equipment 15,800
Total Liabilities 11,100
Other Assets 900
Paid-In Capital 6,000
Retained Earnings 22,900
Total Equity 28,900
Total Assets 40,000
Total Liabilities & Equity 40,000
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. Receive payment of $12,000 owed by a customer
Jan 26. Buy $15,000 worth of manufacturing supplies on credit
Jan 27. Purchase equipment for $44,000 in cash
What is the final amount in Total Liabilities & Equity?
Please specify your answer in the same units as the balance sheet.
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
