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Stuart Company Balance Sheet As of January 3, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...

Stuart Company
Balance Sheet
As of January 3, 2020
(amounts in thousands)
Cash 8,400 Accounts Payable 2,800
Accounts Receivable 4,700 Debt 3,400
Inventory 4,200 Other Liabilities 900
Property Plant & Equipment 17,200 Total Liabilities 7,100
Other Assets 2,800 Paid-In Capital 6,700
Retained Earnings 23,500
Total Equity 30,200
Total Assets 37,300 Total Liabilities & Equity 37,300

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 52
   Debt 52
Borrowed money from bank
Jan 5 Property, Plant & Equipment 48
   Cash 48
Paid cash for machine
Jan 6 Cash 85
   Paid-In Capital 85
Issued stock
Jan 7 Inventory 15
   Accounts Payable 15
Bought manufacturing supplies on credit
Jan 8 Cash 10
   Inventory 8
   Retained Earnings 2
Sold and delivered product to customer
Jan 9 Accounts Payable 7
   Cash 7
Paid money owed to supplier
Jan 10 Cash 11
   Accounts Receivable 11
Received customer payment

What is the final amount in Total Assets?

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

Solutions

Expert Solution

CASH ACCOUNT    DEBT ACCOUNT   

DR CR DR CR

Opening bal 8400 BY PPE 48 To Closing Bal 3452   By Open Bal 3400

To debt 52 By Paybles 7 By Cash 52

To new issue 85 By Cl Bal 8503

To Sales 10

To Receivables 11

PLANT PROPERTY & EQUIPMENT A/C   SHARE CAPITAL A/C

DR CR DR CR

To Open Bal 17200 By Closing Bal 17248 To Closing bal 6785    By Open Bal 6700

To Cash 48 By Cash 85

INVENTORY A/C    ACCOUNT PAYBLE A/C

DR CR DR CR

To Opening bal 4200 By Cash    8 To Cash 7    By Oprning Bal 2800

To Paybles 15 By Closing Bal 4207     To Closing bal 2808 By Inventory 15

RETAINED EARNING      ACCOUNT RECEIVABLES A/C

DR CR DR CR

To Closing bal 23502 By Opening Bal 23500 To Opening bal 4700 By Cash 11

By Cash 2 By Closing bal 4689

BALANCE SHEET

ASSETS LIABILITIES

Cash 8503 Account Paybles 2808

Account Receivables 4689    Debt 3452

Inventory 4207    Other Liabilities 900

Plant Property Equipment 17248   TOTAL LIABILITIES 7160

Other Assets 2800    Paid in Capital 6785

TOTAL ASSETS    37447 Retained Earnings 23502

Total Equity 30287

Total Equity & Liability 37447

FINAL AMOUNT OF TOTAL ASSETS = 37447

ekkarill92 answered 1 year ago
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