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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?
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