Question
In: Accounting
Lightspeed Industries Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 106,000 Accounts Payable...
| Lightspeed Industries Balance Sheet As of December 31, 2019 (amounts in thousands) |
|||
|---|---|---|---|
| Cash | 106,000 | Accounts Payable | 26,000 |
| Accounts Receivable | 32,000 | Debt | 30,000 |
| Inventory | 41,000 | Other Liabilities | 7,000 |
| Property Plant & Equipment, Gross | 212,000 | Total Liabilities | 63,000 |
| Accumulated Depreciation | 72,000 | Paid-In Capital | 80,000 |
| Property Plant & Equipment, Net | 140,000 | Retained Earnings | 246,000 |
| Other Assets | 70,000 | Total Equity | 326,000 |
| Total Assets | 389,000 | Total Liabilities & Equity | 389,000 |
| Lightspeed Industries Statement of Cash Flows January 1 to March 31, 2020 (amounts in thousands) |
|
|---|---|
| Net Income | 6,200 |
| Depreciation | 1,300 |
| Decrease (Increase) in Accounts Receivable | 800 |
| Decrease (Increase) in Inventory | (200) |
| Increase (Decrease) in Accounts Payable | (500) |
| Other Adjustments | 0 |
| Net Cash Flow from Operating Activities | 7,600 |
| Purchase of Property, Plant, & Equipment | (9,000) |
| Other Adjustments | 0 |
| Net Cash Flow from Investing Activities | (9,000) |
| Increase (Decrease) in Debt | 700 |
| Dividends | (400) |
| Other Adjustments | 0 |
| Net Cash Flow from Financing Activities | 300 |
| Net Cash Flow | (1,100) |
What is the value for Total Liabilities & Equity on March 31, 2020?
Solutions
Expert Solution
| A.Computation of Value of Liabilities and Total Equity as on 31.3.2020 | |||
| Year 2019 Liability side of balance sheet | 2020 Adjustments | Liability balance as on 31.03.2020 | |
| Account Payable | 26,000.00 | -500 | 25,500.00 |
| Debt | 30,000.00 | 700 | 30,700.00 |
| Other Liabilities | 7,000.00 | 7,000.00 | |
| Total Liabilities | 63,000.00 | 63,200.00 | |
| Paid in Capital | 80,000.00 | 80,000.00 | |
| Retained Earnings | 2,46,000.00 | 5800 | 2,51,800.00 |
| Total Equity | 3,26,000.00 | 3,31,800.00 | |
| Total Equity & Liabilities | 3,89,000.00 | 3,95,000.00 |
ekkarill92 answered 1 year agoRelated Solutions
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Accounts Receivable
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Other Liabilities
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Property Plant & Equipment, Net
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Retained Earnings
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Other Assets
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Total Equity
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Total Assets
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Balance Sheet as of December 31, 2018 (Thousands of
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Accounts payable
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Receivables
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Accruals
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Line of credit
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Total current assets
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Accounts Payable
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Accounts Receivable
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Debt
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Inventory
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Other Liabilities
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Accounts Payable
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Accounts Receivable
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Debt
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Inventory
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Other Liabilities
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Property Plant & Equipment
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Total Liabilities
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Other Assets
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Retained Earnings
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Accounts Payable
2,800
Accounts Receivable
4,700
Debt
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Inventory
4,200
Other Liabilities
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Property Plant & Equipment
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Total Liabilities
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Other Assets
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Paid-In Capital
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Retained Earnings
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Accounts payable
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Receivables
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Other current liabilities
134,850
Inventories
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Total current assets
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Barry Computer Company:
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Accounts payable
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Receivables
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Notes payable
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Inventories
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Accrued liabilities
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Total current assets
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Net fixed assets
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Common stock
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Retained earnings
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Receivables 10,800 Notes payable 3,472
Inventories 12,600 Accrued liabilities 2,520
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