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Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...

Stuart Company
Balance Sheet
As of January 24, 2020
(amounts in thousands)
Cash 8,400 Accounts Payable 2,800
Accounts Receivable 4,700 Debt 3,400
Inventory 4,200 Other Liabilities 900
Property Plant & Equipment 17,200 Total Liabilities 7,100
Other Assets 2,800 Paid-In Capital 6,700
Retained Earnings 23,500
Total Equity 30,200
Total Assets 37,300 Total Liabilities & Equity 37,300

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. Consume good or service and pay expense of $2,000
Jan 26. Sell product for $40,000 in cash with historical cost of $32,000
Jan 27. Sell, deliver, and receive payment of $25,000 for service

What is the final amount in Total Liabilities & Equity?

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 (i.e., enter the number from your updated balance sheet).

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.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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