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 2 years 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
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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
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Accounts Receivable
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Retained Earnings
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Total Equity
29,500
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