Question
In: Accounting
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 2 years agoRelated Solutions
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Cash
8,400
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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Paid-In Capital
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Retained Earnings
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Total Equity
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Total Assets
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Total Liabilities & Equity
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Record the transactions in a journal, transfer the journal
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and construct a balance sheet to answer...
Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...
Stuart Company
Balance Sheet
As of January 24, 2020
(amounts in thousands)
Cash
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Accounts Payable
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Accounts Receivable
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Debt
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Inventory
4,200
Other Liabilities
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Property Plant & Equipment
17,200
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Paid-In Capital
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Retained Earnings
23,500
Total Equity
30,200
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Total Liabilities & Equity
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Record the transactions in a journal, transfer the journal
entries to T-accounts, compute closing amounts for the T-accounts,
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Stuart Company
Balance Sheet
As of January 24, 2020
(amounts in thousands)
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8,400
Accounts Payable
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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
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...
Stuart Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 8,400 Accounts Payable...
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Balance Sheet
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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
17,200
Total Liabilities
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Paid-In Capital
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Retained Earnings
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30,200
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Total Liabilities & Equity
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Accounts Receivable
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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
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Accounts Receivable
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Inventory
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Other Liabilities
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Retained Earnings
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Inventory
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Other Liabilities
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Other Assets
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