Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash 1,900 2,400 Accounts Receivable Siam Traders Balance Sheet As of March 11, 2021 (amounts in thousands) 9,100 Accounts Payable 4,400 Debt 4,800 Other Liabilities

image text in transcribed

Cash 1,900 2,400 Accounts Receivable Siam Traders Balance Sheet As of March 11, 2021 (amounts in thousands) 9,100 Accounts Payable 4,400 Debt 4,800 Other Liabilities 15,600 Total Liabilities 2,600 Paid-In Capital Retained Earnings Total Equity 36,500 Total Liabilities & Equity Inventory Property Plant & Equipment Other Assets 600 4,900 6,900 24,700 31,600 36,500 Total Assets Use T-accounts to record the transactions below, which occur on March 12, 2021, close the T-accounts, and construct a balance sheet answer the question. 1. Sell product for $30,000 in cash with historical cost of $24,000 2. Sell, deliver, and receive payment of $40,000 for service 3. Consume good or service and pay expense of $2,000 What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

6. Identify characteristics of whiteness.

Answered: 1 week ago

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago