Torche Corporation Balance Sheet As of January 24, 2022 (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. Sell product for $35,000 in cash with historical cost of $28,000 Jan 26. Sell, deliver, and receive payment of $20,000 for service Jan 27. Consume good or service and pay expense of $3,000 What is the final amount in Total Liabilities & Equity?
Torche Corporation Balance Sheet As of January 24, 2022 (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. Sell product for $35,000 in cash with historical cost of $28,000 Jan 26. Sell, deliver, and receive payment of $20,000 for service Jan 27. Consume good or service and pay expense of $3,000 What is the final amount in Total Liabilities & Equity?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| Torche Corporation Balance Sheet As of January 24, 2022 (amounts in thousands) |
|||
|---|---|---|---|
| Cash | 14,700 | Accounts Payable | 2,400 |
| 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 |
| 22,900 | |||
| Total Equity | 28,900 | ||
| Total Assets | 40,000 | Total Liabilities & Equity | 40,000 |
Record the transactions in a journal, transfer the
Jan 25. Sell product for $35,000 in cash with historical cost of $28,000
Jan 26. Sell, deliver, and receive payment of $20,000 for service
Jan 27. Consume good or service and pay expense of $3,000
What is the final amount in Total Liabilities & Equity?
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