Hopewell Corporation Balance Sheet As of January 24, 2022 (amounts in thousands) Cash 12,500...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Hopewell Corporation Balance Sheet As of January 24, 2022 (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
What is the final amount in Total Liabilities?
| Hopewell Corporation Balance Sheet As of January 24, 2022 (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
What is the final amount in Total Liabilities?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.