Question

In: Accounting

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. 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?

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

Thank you for your patience. Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Siam Traders
T- Accounts
Property Plant & Equipment
Date Account Debit $ Credit $ Balance
24-Jan-20 Opening Balance      15,600.00                    -        15,600.00
25-Jan-20 Cash      43,000.00                    -       58,600.00
Cash
Date Account Debit $ Credit $ Balance
24-Jan-20 Opening Balance        9,100.00                    -          9,100.00
25-Jan-20 Property Plant & Equipment      43,000.00    (33,900.00)
26-Jan-20 Accounts Receivable      11,000.00                    -   (22,900.00)
Accounts Receivable
Date Account Debit $ Credit $ Balance
24-Jan-20 Opening Balance        4,400.00                    -          4,400.00
26-Jan-20 Cash                    -        11,000.00      (6,600.00)
Manufacturing supplies
Date Account Debit $ Credit $ Balance
24-Jan-20 Opening Balance                    -                      -                      -  
27-Jan-20 Accounts Payable      14,000.00                    -       14,000.00
Accounts Payable
Date Account Debit $ Credit $ Balance
24-Jan-20 Opening Balance        1,900.00        1,900.00
27-Jan-20 Manufacturing supplies      14,000.00     15,900.00
Balance Sheet
As on 27 Jan
Cash (22,900.00) Accounts Payable 15,900.00
Accounts Receivable     (6,600.00) Debt      2,400.00
Inventory      4,800.00 Other Liabilities         600.00
Manufacturing supplies    14,000.00 Total Liabilities 18,900.00
Property Plant & Equipment    58,600.00 Paid-In Capital      6,900.00
Other Assets      2,600.00 Retained Earnings 24,700.00
Total Equity 31,600.00
Total Assets    50,500.00 Total Liabilities & Equity 50,500.00

Related Solutions

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...
Siam Traders Balance Sheet As of January 24, 2018 (amounts in thousands) Cash 9,100 Accounts Payable...
Siam Traders Balance Sheet As of January 24, 2018 (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...
Siam Traders Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 9,100 Accounts Payable...
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...
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 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...
Valley Technology Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,700 Accounts Payable...
Valley Technology Balance Sheet As of January 24, 2020 (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 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...
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...
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable...
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable 2,400 Accounts Receivable 3,600 Debt 3,700 Inventory 5,200 Other Liabilities 3,000 Property Plant & Equipment 16,700 Total Liabilities 9,100 Other Assets 600 Paid-In Capital 5,600 Retained Earnings 23,900 Total Equity 29,500 Total Assets 38,600 Total Liabilities & Equity 38,600 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...
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable...
Hopewell Corporation Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 12,500 Accounts Payable 2,400 Accounts Receivable 3,600 Debt 3,700 Inventory 5,200 Other Liabilities 3,000 Property Plant & Equipment 16,700 Total Liabilities 9,100 Other Assets 600 Paid-In Capital 5,600 Retained Earnings 23,900 Total Equity 29,500 Total Assets 38,600 Total Liabilities & Equity 38,600 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...
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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT