Torche Corporation Balance Sheet As of January 24, 2018 amounts in thousands) Ca
ID: 2412794 • Letter: T
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