Reference no: EM132067498
Update the balance sheet to reflect the transactions:
1. Receive payment of $12,000 owed by a customer ----------------------------- Does not have an impact on A/P
2. Buy $15,000 worth of manufacturing supplies on credit---------------------- - YES THIS AFFECTS A/P
3. Purchase equipment for $44,000 in cash -----------------------------------------Does not have an impact on A/P, has an impact on cash
4. Issue $80,000 in stock -----------------------------------------Does not have an impact on A/P, has an impact on cash
5. Pay $4,000 owed to a supplier - YES THIS AFFECTS A/P
6. Borrow $58,000 from a bank - YES THIS AFFECTS A/P
7. Buy $15,000 worth of manufacturing supplies on credit - YES THIS AFFECTS A/P
HERE IS THE BALANCE SHEET:
Cash 14,700 Accounts Payable 2,400
Accounts Receivable 4,800 Debt 3,700
Inventory 3,800 Other Liabilities 5,000
Property Plant & Equipment 15,800 Total Liabilities 11,100
Other Assets 900 Paid-In Capital 6,000
Retained Earnings 22,900
Total Equity 28,900
Total Assets 40,000 Total Liabilities & Equity 40,000
Question: What is the final amount in Accounts Payable? Please specify your answer in the same units as the balance sheet.