Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Valley Technology Balance Sheet As of January 24, 2021 (amounts in thousands) 9,700 Accounts Payable 4,500 Debt Cash 1,500 2,900 800 Accounts Receivable Inventory Property

image text in transcribed
Valley Technology Balance Sheet As of January 24, 2021 (amounts in thousands) 9,700 Accounts Payable 4,500 Debt Cash 1,500 2,900 800 Accounts Receivable Inventory Property Plant & Equipment Other Assets 3,800 Other Liabilities 16,400 Total Liabilities 5,200 1,700 Paid-In Capital Retained Earnings Total Equity 36,100 Total Liabilities & Equity 7,300 23,600 30,900 36,100 Total Assets 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. Buy $15,000 worth of manufacturing supplies on credit Jan 26. Issue $85,000 in stock Jan 27. Borrow $63,000 from a bank Jan 28. Pay $5,000 owed to a supplier Jan 29. Receive payment of $12,000 owed by a customer What is the final amount in Total Liabilities? 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 e enter the number from your updated balance sheet ssary in separate tab n tips search o

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

Her Majestys Auditor An Adventure Novel With Steampunk Elements

Authors: Markus Pfeiler

1st Edition

164953339X, 978-1649533395

More Books

Students also viewed these Accounting questions

Question

Prepare an electronic rsum.

Answered: 1 week ago

Question

Strengthen your personal presence.

Answered: 1 week ago

Question

Identify the steps to follow in preparing an oral presentation.

Answered: 1 week ago