Question
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 4-Jan Cash 80 Paid-In Capital 80 Issued stock 5-Jan Cash 65 Debt 65 Borrowed money from bank 6-Jan Cash 12 Accounts Receivable 12 Received customer payment 7-Jan Cash 6 Inventory 5 Retained Earnings 1 Sold and delivered product to customer 8-Jan Inventory 17 Accounts Payable 17 Bought manufacturing supplies on credit 9-Jan Property, Plant & Equipment 47 Cash 47 Paid cash for machine 10-Jan Accounts Payable 8 Cash 8 Paid money owed to supplier What is the final amount in Total Assets? Please specify your answer in the same units as the balance sheet.
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