Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lightspeed Industries Balance Sheet As of January 3, 2019 (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 3, 2019 (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

Transfer the journal entries to T-accounts for the transactions below, compute closing amounts for the T-accounts, and construct a final balance sheet to answer the question.

Journal amounts in thousands

Date Account and Explanation Debit Credit
Jan 4 Cash 80
Paid-In Capital 80
Issued stock
Jan 5 Cash 65
Debt 65
Borrowed money from bank
Jan 6 Cash 12
Accounts Receivable 12
Received customer payment
Jan 7 Cash 6
Inventory 5
Retained Earnings 1
Sold and delivered product to customer
Jan 8 Inventory 17
Accounts Payable 17
Bought manufacturing supplies on credit
Jan 9 Property, Plant & Equipment 47
Cash 47
Paid cash for machine
Jan 10 Accounts Payable 8
Cash 8
Paid money owed to supplier

What is the final amount in Total Assets?

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

Step: 3

blur-text-image

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

Evaluating The Effectiveness On Internal Audit Departments

Authors: W. Steve Albrecht, Keith R. Howe, Dennis R. Schueler, Kevin D. Stocks

1st Edition

089413177X, 978-0894131776

More Books

Students also viewed these Accounting questions

Question

Explain in detail how the Mughal Empire was established in India

Answered: 1 week ago

Question

Problem: Evaluate the integral: I - -[ze dx

Answered: 1 week ago

Question

Problem: Evaluate the integral: I = 1- 1 dx 9

Answered: 1 week ago