Question

Hopewell Corporation Balance Sheet As of March 11, 2020 (amounts in thousands)
Cash	12,500	Accounts Payable	2,400
Accounts Receivable	3,600	Debt	3,700
Inventory	5,200	Other Liabilities	3,000
Property Plant & Equipment	16,700	Total Liabilities	9,100
Other Assets	600	Paid-In Capital	5,600
		Retained Earnings	23,900
		Total Equity	29,500
Total Assets	38,600	Total Liabilities & Equity	38,600

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. Consume good or service and pay expense of $3,000
2. Sell product for $20,000 in cash with historical cost of $16,000
3. Sell, deliver, and receive payment of $35,000 for service

What is the final amount in Total Assets?

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

Answer 1

Cash
Particulars	Amount Dr	Particulars	Amount Cr
Bal b/d	12500	Expense	3
Inventory	20
Service income	35	Bal c/d	12552
	12555		12555
Profit and Loss
Particulars	Amount Dr	Particulars	Amount Cr
Expense	3	Service income	35
Net Profit	36	Inventory	4
	39		39
Inventory
Particulars	Amount Dr	Particulars	Amount Cr
Bal b/d	5200	Cash	20
Profit and Loss	4	Bal c/d	5184
	5204		5204
Balance Sheet as on March 12 2020 (in thousands)
Assets	Amount	Liabilities	Amount
Cash	12552	Accounts Payable	2,400
Accounts Receivable	3,600	Debt	3,700
Inventory	5,184	Other Liabilities	3,000
Property Plant & Equipment	16700	Total Liabilities	9,100
Other Assets	600	Profit and Loss	36
		Paid-In Capital	5,600
		Retained Earnings	23,900
		Total Equity	29536
Total Assets	38636	Total Liabilities & Equity	38636

NOTE: T-accounts are made in thousands as the balance sheet is made.