Question
In: Accounting
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable...
| Hopewell Corporation Balance Sheet As of January 24, 2020 (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 |
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. Purchase equipment for $48,000 in cash
Jan 27. Receive payment of $13,000 owed by a customer
Jan 28. Issue $70,000 in stock
Jan 29. Borrow $65,000 from a bank
What is the final amount in Total Liabilities?
Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.
Solutions
Expert Solution
Note - Amounts in Balance sheet are in thousands.
Calculation of total liabilities -
Total Liabilities = Bank Loan + Accounts Payable + Debt + Other Liabilities
= 65 + 2,415 + 3,700 + 3,000
= $ 9,180 (in thousands).
Please give a positive rating if you are satisfied with this solution and if you have any query kindly ask.
Thanks!
ekkarill92 answered 1 year agoRelated Solutions
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable...
Hopewell Corporation
Balance Sheet
As of January 24, 2020
(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
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...
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable...
Hopewell Corporation
Balance Sheet
As of January 24, 2020
(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
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...
Hopewell Corporation Balance Sheet As of March 11, 2020 (amounts in thousands) Cash 12,500 Accounts Payable...
Hopewell Corporation
Balance Sheet
As of March 11, 2020
(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, 2020, close the T-accounts, and construct a balance sheet
to answer the question....
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...
Valley Technology Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,700 Accounts Payable...
Valley Technology
Balance Sheet
As of January 24, 2020
(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...
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...
Siam Traders Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,100 Accounts Payable...
Siam Traders
Balance Sheet
As of January 24, 2020
(amounts in thousands)
Cash
9,100
Accounts Payable
1,900
Accounts Receivable
4,400
Debt
2,400
Inventory
4,800
Other Liabilities
600
Property Plant & Equipment
15,600
Total Liabilities
4,900
Other Assets
2,600
Paid-In Capital
6,900
Retained Earnings
24,700
Total Equity
31,600
Total Assets
36,500
Total Liabilities & Equity
36,500
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...
Siam Traders Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,100 Accounts Payable...
Siam Traders
Balance Sheet
As of January 24, 2020
(amounts in thousands)
Cash
9,100
Accounts Payable
1,900
Accounts Receivable
4,400
Debt
2,400
Inventory
4,800
Other Liabilities
600
Property Plant & Equipment
15,600
Total Liabilities
4,900
Other Assets
2,600
Paid-In Capital
6,900
Retained Earnings
24,700
Total Equity
31,600
Total Assets
36,500
Total Liabilities & Equity
36,500
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...
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...
Lightspeed Industries Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 14,100 Accounts Payable...
Lightspeed Industries
Balance Sheet
As of January 24, 2020
(amounts in thousands)
Cash
14,100
Accounts Payable
1,900
Accounts Receivable
3,200
Debt
3,600
Inventory
4,900
Other Liabilities
2,000
Property Plant & Equipment
16,300
Total Liabilities
7,500
Other Assets
500
Paid-In Capital
7,200
Retained Earnings
24,300
Total Equity
31,500
Total Assets
39,000
Total Liabilities & Equity
39,000
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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- E16-16. (EPS: Simple Capital Structure) (LO 4) On January 1, 2018, Wilke Corp. had 480,000 shares...
- A long wire carrying a 5.8 A current perpendicular to the xy-plane intersects the x-axis at...
- Banyan Co.’s common stock currently sells for $48.50 per share. The growth rate is a constant...
- Define, describe and explain the following with graphical representations: (a) Equilibrium (b) Phase in a material...
- Choose two parts of the brain and discuss how they might be related in function. How...
- FMCG program’s program manager has reported the following BAC, EAC information. Highlight the reasons/possibilities why the...
- most developing countries such as South Africa, Zambia, Tanzania, Mozambique, Nigeria etc, are battling to contain...
ADVERTISEMENT