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
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| 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 |
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As of January 24, 2020
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Accounts Payable
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Accounts Receivable
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Retained Earnings
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