Valley Technology Balance Sheet As of March 11, 2023 (amounts in thousands)Cash9,700Accounts Payable1,500Accounts Receivable4,500Debt2,900Inventory3,800Other Liabilities800Property...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Valley TechnologyBalance SheetAs of March 11, 2023(amounts in thousands)Cash9,700Accounts Payable1,500Accounts Receivable4,500Debt2,900Inventory3,800Other Liabilities800Property Plant & Equipment16,400Total Liabilities5,200Other Assets1,700Paid-In Capital7,300 Retained Earnings23,600 Total Equity30,900Total Assets36,100Total Liabilities & Equity36,100
Use T-accounts to record the transactions below, which occur on March 12, 2023, close the T-accounts, and construct a balance sheet to answer the question.
1. Buy $15,000 worth of manufacturing supplies on credit 2. Issue $85,000 in stock 3. Borrow $63,000 from a bank
What is the final amount in Total Liabilities?
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!
