Question

Ruston Company Balance Sheet As of January 3, 2019 (amounts in thousands)
Cash	9,000	Accounts Payable	1,200
Accounts Receivable	3,400	Debt	3,600
Inventory	5,100	Other Liabilities	2,100
Property Plant & Equipment	17,500	Total Liabilities	6,900
Other Assets	600	Paid-In Capital	5,900
		Retained Earnings	22,800
		Total Equity	28,700
Total Assets	35,600	Total Liabilities & Equity	35,600

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 question.

Journal amounts in thousands

Date	Account and Explanation	Debit	Credit
Jan 4	Cash	55
	Debt		55
	Borrowed money from bank
Jan 5	Inventory	14
	Accounts Payable		14
	Bought manufacturing supplies on credit
Jan 6	Accounts Payable	7
	Cash		7
	Paid money owed to supplier
Jan 7	Cash	12
	Inventory		10
	Retained Earnings		2
	Sold and delivered product to customer
Jan 8	Cash	75
	Paid-In Capital		75
	Issued stock
Jan 9	Property, Plant & Equipment	44
	Cash		44
	Paid cash for machine
Jan 10	Cash	13
	Accounts Receivable		13
	Received customer payment

What is the final amount in Total Assets?

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

Answer 1

	T Accounts
	Cash	in Thousands					Debt
Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount
	Beg Balance	9000	6-Jan	Acct Payable	7				4-Jan	Cash	55
4-Jan	Debt	55	9-Jan	PP& E	44	31-Jan	End Balance	3655	3-Jan	Beg Balance	3600
7-Jan	Inventory	10	31-Jan	Ending Balance	9102
8-Jan	Paid in Capital	75
10-Jan	Accounts Receivable	13
		9153			9153
	Inventory						Accounts Payable
Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount
3-Jan	Beg Balance	5100	7-Jan	Cash	10	6-Jan	Cash	7	3-Jan	Beg Balance	1200
5-Jan	Accounts Payable	14	31-Jan	Ending Balance	5104	31-Jan	End Balance	1207	5-Jan	Inventory	14
		5114			5114			1214			1214
	Retained Earnings						Paid In Capital
Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount
31-Jan	Ending Balance	22802	3-Jan	Beg Balance	22800	31-Jan	End Balance	5975	3-Jan	Beg Balance	5900
			7-Jan	Cash	2				8-Jan	Cash	75
	Property Plant & Equipment						Accounts Receivable
Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount	Date	Particulars	Amount
3-Jan	Beg Balance	17500	31-Jan	Ending Balance	17544	3-Jan	Beg Balance	3400	10-Jan	Cash	13
9-Jan	Cash	44							31-Jan	Ending Balance	3387
			Ruston Company
			Balance Sheet
			As of Jan 312019
			Rs in Thousands
	Assets
	Cash	9102
	Accounts Receivable	3387
	Property Plant and Equipment	17544
	Other Assets	600
	Total Assets	30633