Question

An Q: Gulf Shipping Company Balance Sheet As of January 24, 2020 (amounts in thousands) 14,300 Accounts Payable 4,100 Debt Sc Cash 1,900 3,200 Accounts Receivable 5,800 Other Liabilities 14,800 Total Liabilities 4,000 9,100 Inventory Property Plant & Equipment Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 39,700 Total Liabilities & 39,700 Equity Total Assets 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. Purchase equipment for $50,000 in cash Jan 26. Borrow $67,000 from a bank Jan 27. Issue $80,000 in stock Jan 28. Buy $16,000 worth of manufacturing supplies on credit Jan 29. Pay $7,000 owed to a supplier What is the final amount in Total 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 (.e., enter the number from your updated balance sheet). Open Glossary in separate tab

Answer 1

2 Solution 3 4 debit credit 50 5 6 50 7 8 67 9 Journal(Figures in thousands) Date Account title 2020 Jan-25 Property ,plant and equipment cash Jan-26 cash Debts Jan-27 cash common stock Jan-28 Inventory Account payble Jan-29 account payble cash 67 10 80 11 80 12 16 16 13 14 15 7 7 16 17 18 19 T-accounts (figure in thousands) Property plant and equipment Date Debit Date Credit Jan-24 14,800 Jan-25 50 debts Debit Date Cash Debit Jan-24 Jan-00 Jan-00 Date 50 20 Date credit 14300 Jan-25 67 Jan-29 80 Date Jan-24 Jan-00 credit 3200 67 7 21 22 23 Balance 3267 24 Balance 14,850 Balance 14390 25 26 27 28 29 Common stock Debit Date 30 Date Credit Jan-24 Jan-00 Balance Account payble Date Debit 7700 80 Jan-29 7780 Date credit Jan-24 7 Jan-28 Balance 1900 16 1909 31 32 33 34 35 Date Credit 36 37 38 Inventory Debit Jan-24 Jan-28 Balance Date 5,800 16 5,816 39 40

2 3 4 5 6 7 Gulf shipping company Balance sheet Ason january 29,2020 (Amount in thousands) Cash 14390 Account payble Account receivable 4100 Debts Inventory 5816 other liabilities Property plant & equipment 14850 Total liabilities other assets 700 paid in capital Retained earnings Total equity Total assets 39856 Total liabilities and equity 8 9 1909 3267 4000 9176 7780 22,900 30680 39856 10 11 12 13 14 15 Final amount of toatal equity = $30,680 16 17 18 NOTE - PLEASE UPVPTE IT SHALL BE A GREAT FAVOR THANKS 19 20