Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the starting balance sheet, income statement, and the list of changes to answer the question. Gulf Shipping Company Balance Sheet As of December 31,

Use the starting balance sheet, income statement, and the list of changes to answer the question.

Gulf Shipping Company Balance Sheet As of December 31, 2019 (amounts in thousands)
Cash 26,000 Liabilities 39,000
Other Assets 35,000 Equity 22,000
Total Assets 61,000 Total Liabilities & Equity 61,000
Gulf Shipping Company Income Statement January 1 to March 31, 2020 (amounts in thousands)
Revenue 3,400
Expenses 3,500
Net Income -100

Between January 1 and March 31, 2020:

1. Cash increases by $200,000 2. Liabilities decrease by $100,000 3. Paid-In Capital does not change 4. Dividends paid of $200,000

What is the value for Other Assets on March 31, 2020?

Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated 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

Step: 3

blur-text-image

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

Accounting And Finance An Introduction

Authors: Eddie McLaney, Peter Atrill

10th Edition

1292312262, 978-1292312262

More Books

Students also viewed these Accounting questions

Question

What are the differences between dismissal and discharge?

Answered: 1 week ago