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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 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).

Solutions

Expert Solution

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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ekkarill92 answered 1 year ago
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