Reference no: EM132344853
Question
Gulf Shipping Company
Balance Sheet
As of March 11, 2019
(amounts in thousands) Cash 14,300
Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700
Retained Earnings 22,900
Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 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. Sell, deliver, and receive payment of $25,000 for service
2. Consume good or service and pay expense of $1,000
3. Sell product for $30,000 in cash with historical cost of $24,000
What is the final amount in Total Liabilities & Equity?
Please specify your answer in the same units as the balance sheet.