Question

The T-accounts below summarize transactions of Dansko Integrated from February 22 to February 25, 2020:

Cash

Balance
9,900

90

16

65

10

4

49

PP&E, Net

Balance
16,800

49

Accounts Payable

4

Balance
2,700

17

Other Liabilities

Balance
1,000

Accounts Receivable

Balance
4,500

10

Other Assets

Balance
1,600

Debt

Balance
3,500

65

Paid-In Capital

Balance
8,000

90

Inventory

Balance
3,800

17

13

Retained Earnings

Balance
21,400

3

What is the final amount in Total Equity?

Gulf Shipping Company Balance Sheet As of March 11, 2020 (amounts in thousands)
Cash	14,300	Accounts Payable	1,900
Accounts Receivable	4,100	Debt	3,200
Inventory	5,800	Other Liabilities	4,000
Property Plant & Equipment	14,800	Total Liabilities	9,100
Other Assets	700	Paid-In Capital	7,700
		Retained Earnings	22,900
		Total Equity	30,600
Total Assets	39,700	Total Liabilities & Equity	39,700

Use T-accounts to record the transactions below, which occur on March 12, 2020, close the T-accounts, and construct a balance sheet to answer the question.

1. Purchase equipment for $50,000 in cash
2. Borrow $67,000 from a bank
3. Issue $80,000 in stock
4. Buy $16,000 worth of manufacturing supplies on credit
5. Pay $7,000 owed to a supplier

What is the final amount in Total Equity?

Lightspeed Industries Balance Sheet As of March 11, 2020 (amounts in thousands)
Cash	14,100	Accounts Payable	1,900
Accounts Receivable	3,200	Debt	3,600
Inventory	4,900	Other Liabilities	2,000
Property Plant & Equipment	16,300	Total Liabilities	7,500
Other Assets	500	Paid-In Capital	7,200
		Retained Earnings	24,300
		Total Equity	31,500
Total Assets	39,000	Total Liabilities & Equity	39,000

Use T-accounts to record the transactions below, which occur on March 12, 2020, close the T-accounts, and construct a balance sheet to answer the question.

1. Sell, deliver, and receive payment of $20,000 for service
2. Consume good or service and pay expense of $3,000
3. Sell product for $25,000 in cash with historical cost of $20,000

What is the final amount in Total Assets?

Answer 1