In: Accounting
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 the question.
Jan 25. Borrow $52,000 from a bank
Jan 26. Purchase equipment for $48,000 in cash
Jan 27. Issue $85,000 in stock
Jan 28. Buy $15,000 worth of manufacturing supplies on credit
Jan 29. Receive payment of $10,000 owed by a customer
What is the final amount in Total Assets?
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).
Journal
Date | Acoount | Debit | Credit | |||
Jan 25 | Cash | $52 | ||||
Loan payable | $52 | |||||
Jan 26 | Equipment | $48 | ||||
Cash | $48 | |||||
Jan 27 | Cash | $85 | ||||
Retained earnings | $85 | |||||
Jan 28 | Supplies | $15 | ||||
Accounts payable | $15 | |||||
Jan 29 | Cash | $10 | ||||
Accounts receiable | $10 | |||||
T accounts
Asses have debit balance
Liabilities have credit balance
Cash | |||
Bag. Bal | $8,400 | $48 | Jan 26 |
Jan 25 | $52 | ||
Jan 27 | $85 | ||
Jan 29 | $10 | ||
End Bal | $8,499 | ||
Accounts receivable | |||
Beg. Bal. | $4,700 | $10 | Jan 29 |
End bal. | 4,690 | ||
Inventory | |||
Beg.Bal | $4,200 | ||
Jan 28 | $15 | ||
ENd bal | $4,215 | ||
Property plant n equipment | |||
Beg. Bal. | $17,200 | ||
Jan 26 | $48 | ||
End Bal. | $17,248 | ||
Accounts payable | |||
$2,800 | Beg. Bal | ||
$15 | Jan 28 | ||
$2,815 | end bal | ||
Retained earnings | |||
$23,500 | |||
$85 | Jan 27 | ||
$23,585 | ENd bal. | ||
Balance sheet
Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) |
|||
---|---|---|---|
Cash | $8,499 | Accounts Payable | $2,815 |
Accounts Receivable | $4,690 | Debt | 3,400 |
Inventory | $4,215 | Other Liabilities | 900 |
Property Plant & Equipment | $17,248 | Loan | $52 |
Other Assets | $2,800 | Total Liabilities | 7,167 |
Paid-In Capital | 6,700 | ||
Retained Earnings | 23,585 | ||
Total Equity | 30,285 | ||
Total Assets | $37,452 | Total Liabilities & Equity | $37,452[$7,167+$30,285] |
Total assets = $37,452
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