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 4 months ago

Lightspeed Industries Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 106,000 Accounts Payable...

Lightspeed Industries Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 106,000 Accounts Payable 26,000 Accounts Receivable 32,000 Debt 30,000 Inventory 41,000 Other Liabilities 7,000 Property Plant & Equipment, Gross 212,000 Total Liabilities 63,000 Accumulated Depreciation 72,000 Paid-In Capital 80,000 Property Plant & Equipment, Net 140,000 Retained Earnings 246,000 Other Assets 70,000 Total Equity 326,000 Total Assets 389,000 Total Liabilities & Equity 389,000 Lightspeed Industries Statement of Cash Flows January 1 to March 31, 2020 (amounts in thousands)...

Lightspeed Industries Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 14,100 Accounts Payable...

Lightspeed Industries Balance Sheet As of January 24, 2020 (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 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...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Borrow $52,000 from a bank 2. Purchase equipment...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,000 Accounts Payable...

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,400 Debt 3,600 Inventory 5,100 Other Liabilities 2,100 Property Plant & Equipment 17,500 Total Liabilities 6,900 Other Assets 600 Paid-In Capital 5,900 Retained Earnings 22,800 Total Equity 28,700 Total Assets 35,600 Total Liabilities & Equity 35,600 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Borrow $55,000 from a bank 2. Buy $14,000...

Stuart Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 8,400 Accounts Payable...

Stuart Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 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...

Siam Traders Balance Sheet As of January 3, 2020 (amounts in thousands) Cash 9,100 Accounts Payable...

Siam Traders Balance Sheet As of January 3, 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 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...

Stuart Company Balance Sheet As of January 3, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...

Stuart Company Balance Sheet As of January 3, 2020 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 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...

Valley Technology Balance Sheet As of January 3, 2018 (amounts in thousands) Cash 9,700 Accounts Payable...

Valley Technology Balance Sheet As of January 3, 2018 (amounts in thousands) Cash 9,700 Accounts Payable 1,500 Accounts Receivable 4,500 Debt 2,900 Inventory 3,800 Other Liabilities 800 Property Plant & Equipment 16,400 Total Liabilities 5,200 Other Assets 1,700 Paid-In Capital 7,300 Retained Earnings 23,600 Total Equity 30,900 Total Assets 36,100 Total Liabilities & Equity 36,100 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...

Dansko Integrated Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 99,000 Accounts Payable...

Dansko Integrated Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 99,000 Accounts Payable 27,000 Accounts Receivable 45,000 Debt 35,000 Inventory 38,000 Other Liabilities 10,000 Property Plant & Equipment, Gross 235,000 Total Liabilities 72,000 Accumulated Depreciation 67,000 Paid-In Capital 80,000 Property Plant & Equipment, Net 168,000 Retained Earnings 214,000 Other Assets 16,000 Total Equity 294,000 Total Assets 366,000 Total Liabilities & Equity 366,000 Dansko Integrated Statement of Cash Flows January 1 to March 31, 2020 (amounts in thousands)...

Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...

Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 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...

Question