Question
In: Accounting
Siam Traders Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,100 Accounts Payable...
| Siam Traders Balance Sheet As of January 24, 2020 (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 |
Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.
Jan 25. Sell product for $30,000 in cash with historical cost of
$24,000
Jan 26. Sell, deliver, and receive payment of $40,000 for
service
Jan 27. 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 balance sheet units are thousands of dollars.
Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).
Solutions
Expert Solution
| Date | General Journal | Debit | Credit |
| Jan 25 | Cash | 30,000 | |
| Inventory | 24,000 | ||
| Retained Earnings | 6,000 | ||
| Jan 26 | Cash | 40,000 | |
| Retained Earnings | 40,000 | ||
| Jan 27 | Retained Earnings | 2,000 | |
| Cash | 2,000 | ||
| Cash | |||
| Bal. | 9,100 | ||
| Jan 25 | 30 | ||
| Jan 26 | 40 | Jan 27 | 2 |
| Bal. | 9,168 | ||
| Inventory | |||
| Bal. | 4,800 | ||
| Jan 25 | 24 | ||
| Bal. | 4,776 | ||
| Retained Earnings | |||
| Bal. | 24,700 | ||
| Jan 25 | 6 | ||
| Jan 27 | 2 | Jan 26 | 40 |
| Bal. | 24,744 | ||
| The final amount in Total Assets | |||
| (amounts in thousands) | |||
| Cash | 9,168 | ||
| Accounts Receivable | 4,400 | ||
| Inventory | 4,776 | ||
| Property Plant & Equipment | 15,600 | ||
| Other Assets | 2,600 | ||
| Total Assets | 36,544 | ||
ekkarill92 answered 1 year agoRelated Solutions
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Siam Traders
Balance Sheet
As of January 24, 2020
(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
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Retained Earnings
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entries to T-accounts, compute closing amounts for the T-accounts,
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Accounts Receivable
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entries to T-accounts, compute closing amounts for the T-accounts,
and construct a balance sheet to answer...
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entries to T-accounts, compute closing amounts for the T-accounts,
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