Question
Lightspeed Industries Balance Sheet As of January 24, 2021 (amounts in thousands) Cash 14,100 Accounts Payable 1,900 Accounts Receivable 3,200 Debt 3,600 Inventory 4,900 Other
Lightspeed Industries Balance Sheet As of January 24, 2021 (amounts in thousands) | |||
---|---|---|---|
Cash | 14,100 | Accounts Payable | 1,900 |
Accounts Receivable | 3,200 | Debt | 3,600 |
Inventory | 4,900 | Other Liabilities | 2,000 |
Property Plant & Equipment | 16,300 | Total Liabilities | 7,500 |
Other Assets | 500 | Paid-In Capital | 7,200 |
Retained Earnings | 24,300 | ||
Total Equity | 31,500 | ||
Total Assets | 39,000 | Total Liabilities & Equity | 39,000 |
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. Sell, deliver, and receive payment of $20,000 for service Jan 26. Consume good or service and pay expense of $3,000 Jan 27. Sell product for $25,000 in cash with historical cost of $20,000
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started