Question
In: Accounting
Use the starting balance sheet and statement of cash flows to answer the question. Lightspeed Industries...
Use the starting balance sheet and statement of cash flows to answer the question.
| Lightspeed Industries Balance Sheet As of December 31, 2019 (amounts in thousands) |
|||
|---|---|---|---|
| Cash | 141,000 | Accounts Payable | 19,000 |
| Accounts Receivable | 32,000 | Debt | 36,000 |
| Inventory | 49,000 | Other Liabilities | 20,000 |
| Property Plant & Equipment, Gross | 231,000 | Total Liabilities | 75,000 |
| Accumulated Depreciation | 68,000 | Paid-In Capital | 72,000 |
| Property Plant & Equipment, Net | 163,000 | Retained Earnings | 243,000 |
| Other Assets | 5,000 | Total Equity | 315,000 |
| Total Assets | 390,000 | Total Liabilities & Equity | 390,000 |
| Lightspeed Industries Statement of Cash Flows January 1 to March 31, 2020 (amounts in thousands) |
|
|---|---|
| Net Income | 9,200 |
| Depreciation | 1,500 |
| Decrease (Increase) in Accounts Receivable | (500) |
| Decrease (Increase) in Inventory | 400 |
| Increase (Decrease) in Accounts Payable | 700 |
| Other Adjustments | 0 |
| Net Cash Flow from Operating Activities | 11,300 |
| Purchase of Property, Plant, & Equipment | (9,400) |
| Other Adjustments | 0 |
| Net Cash Flow from Investing Activities | (9,400) |
| Increase (Decrease) in Debt | (400) |
| Dividends | (800) |
| Other Adjustments | 0 |
| Net Cash Flow from Financing Activities | (1,200) |
| Net Cash Flow | 700 |
What is the value for Total Assets on March 31, 2020?
Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).
Solutions
Expert Solution
Answer:
Cash = Beginning Cash + Net Cash Flow
Cash = $141,000 + $700
Cash = $141,700
Accounts Receivable = Beginning Accounts Receivable + Increase
in Accounts Receivable
Accounts Receivable = $32,000 + $500
Accounts Receivable = $32,500
Inventory = Beginning Inventory - Decrease in Inventory
Inventory = $49,000 - $400
Inventory = $48,600
Property Plant and Equipment, Gross = Beginning Property Plant
and Equipment + Purchase
Property Plant and Equipment, Gross = $231,000 + $9,400
Property Plant and Equipment, Gross = $240,400
Accumulated Depreciation = Beginning Accumulated Depreciation +
Depreciation Expense
Accumulated Depreciation = $68,000 + $1,500
Accumulated Depreciation = $69,500
ekkarill92 answered 1 year agoRelated Solutions
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Retained Earnings
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302,400
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112,000
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