What is the final amount in Total Liabilities

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Question - Use T-accounts to record the transactions below, which occur on March 12, 2019, 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

Valley Technology Balance Sheet As of March 11, 2019 (amounts in thousands)

Cash

9,700

Accounts Payable

1,500

Accounts Receivable

4,500

Debt

2,900

Inventory

3,800

Other Liabilities

800

Property Plant & Equipment

16,400

Total Liabilities

5,200

Other Assets

1,700

Paid-in Capital

7,300

 

 

Retained Earnings

23,600

 

 

Total Equity

30,900

Total Assets

36,100

Total Liabilities & Equity

36,100

Required - What is the final amount in Total Liabilities? Please specify your answer in the same units as the balance sheet.

Reference no: EM132431295

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