ost-Quiz Q: Gulf Shipping Company Answ Balance Sheet As of January 24, 2018 (amo
ID: 2397910 • Letter: O
Question
ost-Quiz Q: Gulf Shipping Company Answ Balance Sheet As of January 24, 2018 (amounts in thousands) Sav 4,300 Accounts Payable 4,100 Debt 5,800 Other Liabilties 1,900 3,200 4,000 9,100 7,700 22,900 30,600 39,700 Inventory Property Plant & Equipment Other Assets 14,800 Total Liabilities 700 Paid-In Capital Total Assets 39,700 Total Liabilities & Equity 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. Purchase equipment for $50,000 in cash Jan 26. Borrow $67,000 from a bank Jan 27. Issue $80,000 in stock Jan 28. Buy $16,000 worth of manufacturing supplies on credit Jan 29. Pay $7,000 owed to a supplier What is the final amount in Total Equity? Please specify your answer in the same units as the balance sheet.Explanation / Answer
Computation of Total Equity:
Total Equity = Current Balance + Issue of Stock
Total Equity = $30600 Thousands + $80 thousands
Total Equity = $30680 Thousands
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.