Stuart Company Balance Sheet As of January 24, 2022 (amounts in thousands) Cash 8,400 Accounts Payable 4,700 Accounts Receivable Inventory 4,200 Property Plant & Equipment 17,200 Other Assets 2,800 2,800 3,400 Debt Other Liabilities Total Liabilities 7,100 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 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. Borrow $52,000 from a bank Jan 26. Purchase equipment for $48,000 in cash Jan 27. Issue $85,000 in stock Jan 28. Buy $15,000 worth of manufacturing supplies on credit Jan 29. Receive payment of $10,000 owed by a customer What is the final amount in Total Assets? 900

Stuart Company Balance Sheet As of January 24, 2022 (amounts in thousands) Cash 8,400 Accounts Payable 4,700 Accounts Receivable Inventory 4,200 Property Plant & Equipment 17,200 Other Assets 2,800 2,800 3,400 Debt Other Liabilities Total Liabilities 7,100 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 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. Borrow $52,000 from a bank Jan 26. Purchase equipment for $48,000 in cash Jan 27. Issue $85,000 in stock Jan 28. Buy $15,000 worth of manufacturing supplies on credit Jan 29. Receive payment of $10,000 owed by a customer What is the final amount in Total Assets? 900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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