Hopewell Corporation Balance Sheet As of March 11, 2019 (amounts in thousands) Cash 12,500 Accounts Payable...
| Hopewell Corporation Balance Sheet As of March 11, 2019 (amounts in thousands) |
|||
|---|---|---|---|
| Cash | 12,500 | Accounts Payable | 2,400 |
| Accounts Receivable | 3,600 | Debt | 3,700 |
| Inventory | 5,200 | Other Liabilities | 3,000 |
| Property Plant & Equipment | 16,700 | Total Liabilities | 9,100 |
| Other Assets | 600 | Paid-In Capital | 5,600 |
| Retained Earnings | 23,900 | ||
| Total Equity | 29,500 | ||
| Total Assets | 38,600 | Total Liabilities & Equity | 38,600 |
Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question.
1. Buy $15,000 worth of manufacturing supplies on credit
2. Purchase equipment for $48,000 in cash
3. Receive payment of $13,000 owed by a customer
What is the final amount in Total Liabilities?
Please specify your answer in the same units as the balance sheet.
Homework Answers
Final amount of Total liabilities = Total liabilities + Supplies purchased on account
= 9,100 + 15
= 9,115
Equipment purchased for cash will not affect total liabilities because cash balance we get reduced in the equipment balance will be increased.
Receipt of amount owed by the customer will not affect total liabilities because cash balance will be increased in the account receivable balance gets decreased.
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Hopewell Corporation
Balance Sheet
As of March 11, 2019
(amounts in thousands)
Cash
12,500
Accounts Payable...
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