Question

Dansko Integrated Balance Sheet As of March 11, 2018 (amounts in thousands)
Cash	9,900	Accounts Payable	2,700
Accounts Receivable	4,500	Debt	3,500
Inventory	3,800	Other Liabilities	1,000
Property Plant & Equipment	16,800	Total Liabilities	7,200
Other Assets	1,600	Paid-In Capital	8,000
		Retained Earnings	21,400
		Total Equity	29,400
Total Assets	36,600	Total Liabilities & Equity	36,600

Use T-accounts to record the transactions below, which occur on March 12, 2018, 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 $40,000 in cash with historical cost of $32,000
3. Sell, deliver, and receive payment of $25,000 for service

What is the final amount in Total Liabilities & Equity?

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

Answer 1

T-accounts:

Cash					Inventory
Bal. 3/11/18	9900	3	1		Bal. 3/11/18	3800	32	2
2	40
3	25
Bal. 3/12/18	9962				Bal. 3/12/18	3768
Sales Revenue					Service Revenue
		40	2				25	3
CE1	40				CE1	25
Bal. 3/12/18		0			Bal. 3/12/18		0
Expense					Income Summary
1	3				CE2	35	65	CE1
2	32				CE3	30
		35	CE2
Bal. 3/12/18	0				Bal. 3/12/18	0
Retained Earnings
Bal. 3/11/18		21400
		30	CE3
Bal. 3/12/18		21430

Dansko Integrated
Balance Sheet
As of March 12, 2018
(amounts in thousands)
Cash	9962	Accounts payable	2700
Accounts receivable	4500	Debt	3500
Inventory	3768	Other liabilities	1000
Property plant & equipment	16800	Total liabilities	7200
Other assets	1600	Paid-in capital	8000
		Retained earnings	21430
		Total equity	29430
Total assets	36630	Total liabilities & equity	36630

Final amount in Total Liabilities & Equity: $36630