Question

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 question.

Journal amounts in thousands

Date	Account and Explanation	Debit	Credit
Jan 4	Property, Plant & Equipment	43
	Cash		43
	Paid cash for machine
Jan 5	Cash	11
	Accounts Receivable		11
	Received customer payment
Jan 6	Cash	14
	Inventory		11
	Retained Earnings		3
	Sold and delivered product to customer
Jan 7	Cash	70
	Paid-In Capital		70
	Issued stock
Jan 8	Accounts Payable	8
	Cash		8
	Paid money owed to supplier
Jan 9	Cash	55
	Debt		55
	Borrowed money from bank
Jan 10	Inventory	17
	Accounts Payable		17
	Bought manufacturing supplies on credit

What is the final amount in Total Equity?

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Answer 1

Cash

Particular	$	Particular	$
Balance Begining	9,100	Property, Plant & Equipment	43
Accounts Receivable	11	Account Payable	8
Inventory	11
Retained Earnings	3	Ending Balance	9,199
Paid in Capital	70
Debt	55
Total	9,250	Total	9,250

Accounts Receivable

Particular	$	Particular	$
Balance Begining	4,400	Cash	11
		Ending Balance	4,389
Total	4,400	Total	4,400

   Property, Plant & Equipment

Particular	$	Particular	$
Balance Begining	15,600
Cash	43	Ending Balance	15,643
Total	15,643	Total	15,643

Inventory

Particular	$	Particular	$
Balance Begining	4,800	Cash	11
Account Payable	17	Ending Balance	4,806
Total	4,817	Total	4,817

Retained Earnings

Particular	$	Particular	$
Ending Balance	24,703	Balance Begining	24,700
		Cash	3
Total	24,703	Total	24,703

Paid in Capital

Particular	$	Particular	$
Ending Balance	6,970	Balance Begining	6,900
		Cash	70
Total	6,970	Total	6,970

Account Payable

Particular	$	Particular	$
Cash	8	Balance Begining	1,900
Ending Balance	1,909	Inventory	17
Total	1,917	Total	1,917

Debt

Particular	$	Particular	$
Ending Balance	2,455	Balance Begining	2,400
		Cash	55
Total	2,455	Total	2,455

2) Balance Sheet is prepared below:

  Siam Traders
  Balance Sheet
As of January 3, 2020
  (amounts in thousands)

Assets	$	Liability	$
Cash	9,199	Accounts Payable	1,909
Accounts Receivable	4,389	Debt	2,455
Inventory	4,806	Other Liabilities	600
Property Plant & Equipment	15,643	Total Liabilities	4,964
Other Assets	2,600	Paid-In Capital	6,970
		Retained Earnings	24,703
		Total Equity	31,673
Total Assets	$36,637	Total Liability and Equity	$36,637