Torche Corporation Balance Sheet As of January 24, 2018 amounts in thousands) Ca

Question

Torche Corporation Balance Sheet As of January 24, 2018 amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets 2,400 3,700 5,000 11,100 6,000 22,900 28,900 40,000 14,700 Accounts Payable 4,800 Debt 3,800 Other Liabilities 15,800 Total Liabilities 900 Paid-In Capital Retained Earnings Total Equity Total Assets 40,000 Total Liabilities & Equity 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? Please specify your answer in the same units as the balance sheet.

Explanation / Answer

Liabilities Accounts payable 17400 Debt 3700 Other liabilities 5000 Total Liabilities 26100 Equity Paid in capital 86000 Retained earnings 22900 Total equity 108900

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