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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 2 years ago
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