Gulf Shipping Company Balance Sheet
As of January 24, 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
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. Purchase equipment for $50,000 in cash
Jan 26. Borrow $67,000 from a bank
Jan 27. Issue $80,000 in stock
Jan 28. Buy $16,000 worth of manufacturing supplies on credit
Jan 29. Pay $7,000 owed to a supplier
What is the final amount in Total Equity?