Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Siam Traders Balance Sheet As of March 11, 2023 (amounts in thousands) Cash 9,100 Accounts Payable 1,900 Accounts Receivable 4,400 Debt 2,400 Inventory 4,800 Other

Siam Traders Balance Sheet As of March 11, 2023 (amounts in thousands)
Cash 9,100 Accounts Payable 1,900
Accounts Receivable 4,400 Debt 2,400
Inventory 4,800 Other Liabilities 600
Property Plant & Equipment 15,600 Total Liabilities 4,900
Other Assets 2,600 Paid-In Capital 6,900
Retained Earnings 24,700
Total Equity 31,600
Total Assets 36,500 Total Liabilities & Equity 36,500

Use T-accounts to record the transactions below, which occur on March 12, 2023, close the T-accounts, and construct a balance sheet to answer the question.

1. Sell product for $30,000 in cash with historical cost of $24,000 2. Sell, deliver, and receive payment of $40,000 for service 3. Consume good or service and pay expense of $2,000

What is the final amount in Total Assets?

Note: Transaction amounts are provided in dollars but the

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

Auditing A Guide To Principles And Practice

Authors: J H Crowhurst

1st Edition

0304309052, 978-0304309054

More Books

Students also viewed these Accounting questions

Question

1. Describe the factors that lead to productive conflict

Answered: 1 week ago