Question

Lightspeed Industries Balance Sheet As of January 24, 2019 (amounts in thousands)
Cash	14,100	Accounts Payable	1,900
Accounts Receivable	3,200	Debt	3,600
Inventory	4,900	Other Liabilities	2,000
Property Plant & Equipment	16,300	Total Liabilities	7,500
Other Assets	500	Paid-In Capital	7,200
		Retained Earnings	24,300
		Total Equity	31,500
Total Assets	39,000	Total Liabilities & Equity	39,000

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. Issue $80,000 in stock
Jan 26. Borrow $65,000 from a bank
Jan 27. Receive payment of $12,000 owed by a customer

What is the final amount in Total Assets?

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

Answer 1

Date Accounts Debit Credit 80,000 25-Jan Cash Paid in Capital (common stock issued for cash) 80,000 26-Jan Cash Debt (loan taken from bank) 65,000 65,000 12,000 27-Jan Cash Accounts receivable (cash received from debtors) 12,000

T-accounts

25-Jan 26-Jan 27-Jan Cash 14,100,000.00 80,000.00 65,000.00 12,000.00 14,257,000.00

Accounts Receivable 3,200,000.00 12,000.00 27-Jan 3,188,000.00

Paid-in Capital 7,200,000.00 80,000.00 7,280,000.00

Debt 3,600,000.00 65,000.00 3,665,000.00

Balance sheet after posting adjustments to T-accounts with closing balances.

Light speed Balance sheet as of Jan 27,2019 (amounts in thousands) Cash Accounts Receivable Inventory PP&E other assets 14,257 Accounts Payable 3,188 Debt 4,900 Other liabilities 16,300 Total liabilities 500 Paid-in Capital Retained earnings Total equity 39,145 Total liab+equity 1,900 3,665 2,000 7,565 7,280 24,300 31,580 39,145 Total assets

Total Assets(in thousands) = $39,145