As of March 11, 2018
Cash 9,100,000 Accounts Payable 1,900,000 Accounts Receivable 4,400,000 Debt 2,400,000 Inventory 4,800,000 Other Liabilities 600,000 Property Plant & Equipment 15,600,000 Total Liabilities 4,900,000 Other Assets 2,600,000 Paid-In Capital 6,900,000
Retained Earnings 24,700,000
Total Equity 31,600,000 Total Assets 36,500,000 Total Liabilities & Equity 36,500,000
Use T-accounts to record the transactions below, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer the question.
1. Purchase equipment for $43,000 in cash
2. Receive payment of $11,000 owed by a customer
3. Buy $14,000 worth of manufacturing supplies on credit
4. Issue $70,000 in stock
5. Pay $8,000 owed to a supplier
What is the final amount in Total Equity?
Equity: Shareholder's equity is also termed as owner's equity. It is a part of the balance sheet other than assets and... View the full answer