Question

Siam Traders Balance Sheet As of January 24, 2019 (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. Purchase equipment for $43,000 in cash
Jan 26. Receive payment of $11,000 owed by a customer
Jan 27. Buy $14,000 worth of manufacturing supplies on credit

What is the final amount in Total Equity?

Please specify your answer in the same units as the balance sheet.

Answer 1

a)

Date	Account title	Debit	credit
Jan 25	Equipment	43000
	cash		43000
Jan 26	Cash	11000
	Accounts receivable		11000
Jan 27	supplies	14000
	Accounts payable

b)

CASH
Beg Bal January 24, 2019	9100	43	equipment purchased
Accounts receivable	11
Ending balance	9068

Property ,plant and Equipment
Beg Bal January 24, 2019	15600
equipment purchased	43
Ending balance	15643

Accounts receivable
Beg Bal January 24, 2019	4400	11	Amount collected
Ending balance	4389

supplies
Beg Bal January 24, 2019	0
Purchase	14
Ending balance	14

Accounts payable
		1900	Accounts payable
		14	supplies purchased
		1914	Ending balance

c)

Siam Traders Balance Sheet As of January 27, 2019 (amounts in thousands)
cash	9068	Accounts Payable	1914
Accounts receivable	4389	Debt	2400
Inventory	4800	other liabilities	600
supplies	14
property plant and equipment	15643	Total liabilities	4914
other asset	2600	Paid-In Capital	6900
		Retained earning	24700
		Total equity	31600
Total asset	36514	Total liabilities and equity	36514

Total equity = Total asset -total liabilities

        = 36514-4914

       = 31600