Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. torche corporation balance sheet as of january 24,

Torche Corporation Balance Sheet As of January 24, 2023 (amounts in thousands) Cash...

60.1K

Verified Solution

Question

Accounting

Torche Corporation Balance Sheet As of January 24, 2023 (amounts in thousands)
Cash 14,700 Accounts Payable 2,400
Accounts Receivable 4,800 Debt 3,700
Inventory 3,800 Other Liabilities 5,000
Property Plant & Equipment 15,800 Total Liabilities 11,100
Other Assets 900 Paid-In Capital 6,000
Retained Earnings 22,900
Total Equity 28,900
Total Assets 40,000 Total Liabilities & Equity 40,000

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. Receive payment of $12,000 owed by a customer Jan 26. Buy $15,000 worth of manufacturing supplies on credit Jan 27. Purchase equipment for $44,000 in cash Jan 28. Issue $80,000 in stock Jan 29. Pay $4,000 owed to a supplier

What is the final amount in Total Liabilities & 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 (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