Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Recommended Textbook for

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions