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Dansko Integrated Balance Sheet As of January 24, 2018 (amounts in thousands) Cash 9,900 Accounts Payable...

Dansko Integrated
Balance Sheet
As of January 24, 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

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. Pay $4,000 owed to a supplier
Jan 26. Issue $90,000 in stock
Jan 27. Buy $16,000 worth of manufacturing supplies on credit
Jan 28. Purchase equipment for $49,000 in cash
Jan 29. Borrow $65,000 from a bank

What is the final amount in Total Equity?

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

Solutions

Expert Solution

Date Account Description Debit Credit
25-Jan Accounts Payable                  4
Cash                  4
26-Jan Cash                90
Common Stock                90
27-Jan Supplies                16
Accounts Payable                16
28-Jan Equipment                49
cash                49
29-Jan Cash                65
Loan                65
Accounts Payable
Debit Credit
Beg. Bal.         2,700
Cash                   4
              16 Supplies
Ending Balance         2,712
Common Stock
Debit Credit
Beg. Bal.                 -  
              90 Common Stock
Ending Balance               90
Supplies
Debit Credit
Beg. Bal.                 -  
Accounts Payable                16
Ending Balance                16
Cash
Debit Credit
Beg. Bal.           9,900
Common Stock                 90                 4 Accounts Payable
              49 Equipment
Loan                 65
Ending Balance         10,002
Property , Plant & Equipment
Debit Credit
Beg. Bal.         16,800
Cash                 49
Ending Balance         16,849
Loan
Debit Credit
Beg. Bal.                 -  
              65 Cash
Ending Balance               65
Balance sheet
Cash          10,002 Accounts Payable            2,712
Accounts Receivable            4,500 Debt            3,565
Inventory            3,800 Other Liabilities            1,000
Property Plant & Equipment          16,849 Total Liabilities            7,277
Supplies                  16 Common Stock                  90
Other Assets            1,600 Paid-In Capital            8,000
Retained Earnings          21,400
Total Equity          29,490
Total Assets          36,767 Total Liabilities & Equity          36,767


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ekkarill92 answered 2 years ago
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