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Lightspeed Industries Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 14,100 Accounts Payable...

Lightspeed Industries
Balance Sheet
As of January 24, 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

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. Sell, deliver, and receive payment of $20,000 for service
Jan 26. Consume good or service and pay expense of $3,000
Jan 27. Sell product for $25,000 in cash with historical cost of $20,000

What is the final amount in Total Assets?

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

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Expert Solution

ekkarill92 answered 2 years ago
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