2019 Balance sheet for company XYZ Cash 3820 Accounts payable 13610 Receivables 9140 Long-term debt 32950...

2019 Balance sheet for company XYZ

Cash	3820	Accounts payable	13610
Receivables	9140	Long-term debt	32950
Inventory	20390	Common stock	7500
Net fixed assets	51610	Retained earnings	30900
Total assets	84960	Total Liab. & Equity	84960

If the firm XYZ purchases inventory using cash that worth $1000 , what will be the Total assets after this transaction?

Expert Solution

Total Assets will remain Unchanged.

Means Total assets after the purchase of Inventory by paying cash will be $84960.

Because in the asset side, the Total cash will be decrease by $1000 and the Inventory Will increase by $1000.

Hence net effect on the total asset side will be Zero.

Journal entry Will be-

Inventory Dr.	$1000
To Cash	$1000

Revised Balance sheet wil be-

Cash(3820-1000)	2820	Accounts payable	13610
Receivables	9140	Long-term debt	32950
Inventory(20390+1000)	21390	Common stock	7500
Net fixed assets	51610	Retained earnings	30900
Total assets	84960	Total Liab. & Equity	84960

jeff jeffy answered 2 years ago

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