Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hopewell corporation balance sheet as of january

Hopewell Corporation Balance Sheet As of January 24,2024 (amounts in thousands) ...

50.1K

Verified Solution

Question

Accounting

Hopewell Corporation
Balance Sheet
As of January 24,2024
(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?
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 (i.e., enter the number from your updated balance sheet)

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students