Lightspeed Industries Balance Sheet As of January 3, 2019 (amounts in thousands) Cash 14,100 Accounts Payable...

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
Jan 4	Cash	80
	Paid-In Capital		80
	Issued stock
Jan 5	Cash	65
	Debt		65
	Borrowed money from bank
Jan 6	Cash	12
	Accounts Receivable		12
	Received customer payment
Jan 7	Cash	6
	Inventory		5
	Retained Earnings		1
	Sold and delivered product to customer
Jan 8	Inventory	17
	Accounts Payable		17
	Bought manufacturing supplies on credit
Jan 9	Property, Plant & Equipment	47
	Cash		47
	Paid cash for machine
Jan 10	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.

Expert Solution

T-accounts:

Cash
Jan. 3, 2019	14,100	Jan. 9	47
Jan. 4	80	Jan. 10	8
Jan. 5	65
Jan. 6	12
Jan. 7	6
Bal.	14,208

Accounts receivable
Jan. 3, 2019	3,200	Jan. 6	12
Bal.	3,188


Inventory
Jan. 3, 2019	4,900	Jan. 7	5
Jan. 8	17
Bal.	4,912

Property, plant & Equipment
Jan. 3, 2019	16,300
Jan. 9	47
Bal.	16,347

Other assets
Jan. 3, 2019	500
Bal.	500


Accounts payable
Jan. 10	8	Jan. 3, 2019	1,900
		Jan. 8	17
		Bal.	1,909

Debt
		Jan. 3, 2019	3,600
		Jan. 5	65
		Bal.	3,665

Other liabilities
		Jan. 3, 2019	2,000
		Bal.	2,000


Paid in capital
		Jan. 3, 2019	7,200
		Jan. 4	80
		Bal.	7,280

Retained earnings
		Jan. 3, 2019	24,300
		Jan. 7	1
		Bal.	24,301

Balance sheet:

Lightspeed Industries
Balance Sheet
As of January 10, 2019
(amounts in thousands)
Cash	14,208	Accounts Payable	1,909
Accounts Receivable	3,188	Debt	3,665
Inventory	4,912	Other Liabilities	2,000
Property Plant & Equipment	16,347	Total Liabilities	7,574
Other Assets	500	Paid-In Capital	7,280
		Retained Earnings	24,301
		Total Equity	31,581
Total Assets	39,155	Total Liabilities & Equity	39,155

Therefore, the final amount in total assets are 39,155.

ekkarill92 answered 1 year ago

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