Question

Siam Traders Balance Sheet As of January 24, 2018 (amounts in thousands)
Cash	9,100	Accounts Payable	1,900
Accounts Receivable	4,400	Debt	2,400
Inventory	4,800	Other Liabilities	600
Property Plant & Equipment	15,600	Total Liabilities	4,900
Other Assets	2,600	Paid-In Capital	6,900
		Retained Earnings	24,700
		Total Equity	31,600
Total Assets	36,500	Total Liabilities & Equity	36,500

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 the question.

Jan 25. Purchase equipment for $43,000 in cash
Jan 26. Receive payment of $11,000 owed by a customer
Jan 27. Buy $14,000 worth of manufacturing supplies on credit

What is the final amount in Total Equity?

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

Answer 1

Date	Account Description	Debit	Credit
25-Jan	Equipment	43
	cash		43
26-Jan	Cash	11
	Accounts Receivable		11
27-Jan	Supplies	14
	Accounts Payable		14

Accounts Receivable
	Debit	Credit
Beg. Bal.	4,400
		11	Cash
Ending Balance	4,389

Accounts payable
	Debit	Credit
Beg. Bal.		1,900
		14	Supplies
Ending Balance		1,914

Supplies
	Debit	Credit
Beg. Bal.	-
Accounts Payable	14
Ending Balance	14

Cash
	Debit	Credit
Beg. Bal.	9,100
Accounts Receivable	11
		43	Equipment
Ending Balance	9,068

Property , Plant & Equipment
	Debit	Credit
Beg. Bal.	15,600
Cash	43
Ending Balance	15,643

Balance sheet
Cash	9,068	Accounts Payable	1,914
Accounts Receivable	4,389	Debt	2,400
Inventory	4,800	Other Liabilities	600
Property Plant & Equipment	15,643	Total Liabilities	4,914
Supplies	14	Paid-In Capital	6,900
Other Assets	2,600	Retained Earnings	24,700
		Total Equity	31,600
Total Assets	36,514	Total Liabilities & Equity	36,514

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