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Valley Technology Balance Sheet As of March 11, 2018 (amounts in thousands) Cash 9,700 Accounts Payable...

Valley Technology Balance Sheet As of March 11, 2018 (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 Use T-accounts to record the transactions below, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer the question. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Issue $85,000 in stock 3. Borrow $63,000 from a bank What is the final amount in Total Liabilities? Please specify your answer in the same units as the balance sheet.

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Expert Solution

Cash Accounts Receivable
Mar. 11 bal. 9700 Mar. 11 bal. 4500
Mar. 12 (2) 85
Mar. 12 (3) 63
Mar. 12 bal. 9848 Mar. 12 bal. 4500
Inventory Property, Plant, & Equipment
Mar. 11 bal. 3800 Mar. 11 bal. 16400
Mar. 12 (1) 15
Mar. 12 bal. 3815 Mar. 12 bal. 16400
Other Assets Accounts Payable
Mar. 11 bal. 1700 Mar. 11 bal. 1500
15 Mar. 12 (1)
Mar. 12 bal. 1700 Mar. 12 bal. 1515
Debt Other Liabilities
Mar. 11 bal. 2900 Mar. 11 bal. 800
63 Mar. 12 (3)
Mar. 12 bal. 2963 Mar. 12 bal. 800
Paid-in Capital Retained Earnings
Mar. 11 bal. 7300 Mar. 11 bal. 23600
85 Mar. 12 (2)
Mar. 12 bal. 7385 Mar. 12 bal. 23600
Valley Technology
Balance Sheet
As of March 12, 2018
(amounts in thousands)
Assets Liabilities
Cash 9848 Accounts payable 1515
Accounts receivable 4500 Debt 2963
Inventory 3815 Other liabilities 800
Property, plant, & equipment 16400 Total liabilities 5278
Other assets 1700 Equity
Paid-in capital 7385
Retained earnings 23600
Total equity 30985
Total assets $ 36263 Total liabilities & equity $ 36263

Final amount in total liabilities: $5278 (in thousands)

ekkarill92 answered 2 years ago
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