Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts...

Question

Question

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts...

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands)
Cash	14,300	Accounts Payable	1,900
Accounts Receivable	4,100	Debt	3,200
Inventory	5,800	Other Liabilities	4,000
Property Plant & Equipment	14,800	Total Liabilities	9,100
Other Assets	700	Paid-In Capital	7,700
		Retained Earnings	22,900
		Total Equity	30,600
Total Assets	39,700	Total Liabilities & Equity	39,700

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. Sell, deliver, and receive payment of $25,000 for service
Jan 26. Consume good or service and pay expense of $1,000
Jan 27. Sell product for $30,000 in cash with historical cost of $24,000

What is the final amount in Total Liabilities & Equity?

Please specify your answer in the same units as the balance sheet.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Final amount in Total Liabilities & Equity = Total Liabilities & Equity + Service revenue - Expense + (Sales - Historical cost)

= $39,700 + $25 - $1 + ($30 - $24)

= $39,730

Add a comment

Answer 2

Similar Homework Help Questions

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts...

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 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...
An Q: Gulf Shipping Company Balance Sheet As of January 24, 2020 (amounts in thousands) 14,300...

An Q: Gulf Shipping Company Balance Sheet As of January 24, 2020 (amounts in thousands) 14,300 Accounts Payable 4,100 Debt Sc Cash 1,900 3,200 Accounts Receivable 5,800 Other Liabilities 14,800 Total Liabilities 4,000 9,100 Inventory Property Plant & Equipment Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 39,700 Total Liabilities & 39,700 Equity Total Assets Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T- accounts, and construct...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 14,300 Accounts Payable...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Purchase equipment for $50,000 in cash 2. Borrow...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 14,300 Accounts Payable...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Sell product for $20,000 with historical cost of...
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 14,300 Accounts Payable...

Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Sell product for $20,000 with historical cost of...
1 2 3 4 5 6 All Acme Company Balance Sheet As of January 5, 2020...

1 2 3 4 5 6 All Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Purchase...

Nippon Technology Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 13,700 Accounts Payable...

Nippon Technology Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 13,700 Accounts Payable 2,000 Accounts Receivable 3,200 Debt 3,600 Inventory 5,100 Other Liabilities 900 Property Plant & Equipment 15,400 Total Liabilities 6,500 Other Assets 800 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity 31,700 Total Assets 38,200 Total Liabilities & Equity 38,200 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...
What is the final amount in total equity? The T-accounts below summarize transactions of Gulf Shipping...

What is the final amount in total equity? The T-accounts below summarize transactions of Gulf Shipping Company from February 22 to February 25, 2020: Cash PP&E, Net Balance Balance 14,300 Accounts Payable Balance 1,900 Other Liabilities Balance 4,000 14,800 Debt Accounts Receivable Balance 4,100 Other Assets Balance 700 Balance 3,200 Paid-In Capital Balance 7,700 Inventory Balance 5,800 Retained Earnings Balance 22,900 16 What is the final amount in Total Equity?
Lightspeed Industries Balance Sheet As of January 24, 2018 (amounts in thousands) Cash Accounts Receivable Inventory...

Lightspeed Industries Balance Sheet As of January 24, 2018 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets 1,900 3,600 2,000 7,500 7,200 24,300 31,500 39,000 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital Retained Earnings Total Equity Total Assets 39,000 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...

Valley Technology Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 9,700 Accounts Payable 1,500 Accounts Receivable 4,500 Debt 2,900 Inventory 3,800 Other Liabilities 800 Pr...

Valley Technology Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 9,700 Accounts Payable 1,500 Accounts Receivable 4,500 Debt 2,900 Inventory 3,800 Other Liabilities 800 Property Plant & Equipment 16,400 Total Liabilities 5,200 Other Assets 1,700 Paid-In Capital 7,300 Retained Earnings 23,600 Total Equity 30,900 Total Assets 36,100 Total Liabilities & Equity 36,100 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...

Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts...

Homework Answers

Add Answer to:
Gulf Shipping Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 14,300 Accounts...

Post as a guest

Earn Coins