Question

Valley Technology Balance Sheet As of January 3, 2018 (amounts in thousands)
Cash	9,700	Accounts Payable	1,500
Accounts Receivable	4,500	Debt	2,900
Inventory	3,800	Other Liabilities	800
Property Plant & Equipment	16,400	Total Liabilities	5,200
Other Assets	1,700	Paid-In Capital	7,300
		Retained Earnings	23,600
		Total Equity	30,900
Total Assets	36,100	Total Liabilities & Equity	36,100

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	Inventory	15
	Accounts Payable		15
	Bought manufacturing supplies on credit
Jan 5	Cash	85
	Paid-In Capital		85
	Issued stock
Jan 6	Cash	63
	Debt		63
	Borrowed money from bank
Jan 7	Cash	5
	Inventory		4
	Retained Earnings		1
	Sold and delivered product to customer
Jan 8	Cash	12
	Accounts Receivable		12
	Received customer payment
Jan 9	Property, Plant & Equipment	44
	Cash		44
	Paid cash for machine
Jan 10	Accounts Payable	7
	Cash		7
	Paid money owed to supplier

What is the final amount in Total Liabilities?

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

Answer 1

Cash
	Opening Balance	$    9,700.00	9-Jan	Property Plant & Equipment	$          44.00
5-Jan	Paid in Capital	$          85.00	10-Jan	Accounts Payable	$            7.00
6-Jan	Debt	$          63.00		Balance	$    9,814.00
7-Jan	Inventory	$            4.00
7-Jan	Retained Earnings	$            1.00
8-Jan	Accounts receivable	$          12.00
	Total	$    9,865.00		Total	$    9,865.00
Accounts Payable
				Opening Balance	$    1,500.00
10-Jan	Cash	$            7.00	4-Jan	Inventory	$          15.00
	Balance	$    1,508.00
	Total	$    1,515.00		Total	$    1,515.00
Inventory
	Opening Balance	$    3,800.00	7-Jan	Cash	$            4.00
4-Jan	Accounts payable	$          15.00		Balance	$    3,811.00
	Total	$    3,815.00		Total	$    3,815.00
Accounts receivable
	Opening Balance	$    4,500.00	8-Jan	Cash	$          12.00
				Balance	$    4,488.00
	Total	$    4,500.00		Total	$    4,500.00
Paid in Capital
				Opening Balance	$    7,300.00
	Balance	$    7,385.00	5-Jan	Cash	$          85.00
	Total	$    7,385.00		Total	$    7,385.00
Property Plant & Equipment
	Opening Balance	$ 16,400.00
9-Jan	Cash	$          44.00		Balance	$ 16,444.00
	Total	$ 16,444.00		Total	$ 16,444.00
Other Assets
	Opening Balance	$    1,700.00
				Balance	$    1,700.00
	Total	$    1,700.00		Total	$    1,700.00
Other liabilities
				Opening Balance	$        800.00
	Balance	$        800.00
	Total	$        800.00		Total	$        800.00
Retained Earnings
				Opening Balance	$ 23,600.00
	Balance	$ 23,601.00	7-Jan	Cash	$            1.00
	Total	$ 23,601.00		Total	$ 23,601.00
Debt
				Opening Balance	$    2,900.00
	Balance	$    2,963.00	6-Jan	Cash	$          63.00
	Total	$    2,963.00		Total	$    2,963.00

Valley Technology
Balance Sheet
(amounts in thousands)
Cash	$     9,814.00	Accounts Payable	$      1,508.00
Accounts Receivable	$     4,488.00	Debt	$      2,963.00
Inventory	$     3,811.00	Other Liabilities	$         800.00
Property Plant & Equipment	$   16,444.00	Total Liabilities	$      5,271.00
Other Assets	$     1,700.00	Paid-In Capital	$      7,385.00
		Retained Earnings	$    23,601.00
		Total Equity	$    30,986.00
Total Assets	$   36,257.00	Total Liabilities & Equity	$    36,257.00