Question

Nippon Technology Balance Sheet As of January 24, 2019 (amounts in thousands)
Cash	13,700	Accounts Payable	2,000
Accounts Receivable	3,200	Debt	3,600
Inventory	5,100	Other Liabilities	900
Property Plant & Equipment	15,400	Total Liabilities	6,500
Other Assets	800	Paid-In Capital	7,200
		Retained Earnings	24,500
		Total Equity	31,700
Total Assets	38,200	Total Liabilities & Equity	38,200

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. Sell, deliver, and receive payment of $20,000 for service
Jan 26. Consume good or service and pay expense of $2,000
Jan 27. Sell product for $25,000 in cash with historical cost of $20,000

What is the final amount in Total Assets?

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

Answer 1

Date	General Journal	Debit	Credit
		($ in thousands)
Jan. 25	Cash	20
	Retained earnings		20
	(Sold, delivered and received payment for services)
Jan. 26	Retained earnings	2
	Cash		2
	(Consumed goods or service and paid expense)
Jan. 27	Cash	25
	Inventory		20
	Retained earnings		5
	(Sold product to customer for cash)

Note: The journal entry for Jan. 27 has been combined. Two separate entries may also be made.

Cash					Inventory
Beg. Bal.	13700				Beg. Bal.	5100
Jan. 25	20	2	Jan. 26				20	Jan. 27
Jan. 27	25
End. Bal.	13743				End. Bal.	5080
Retained Earnings
Beg. Bal.		24500
Jan. 26	2	20	Jan. 25
		5	Jan. 27
End. Bal.		24523

Nippon Technology
Balance Sheet
As of January 27, 2019
(Amounts in thousands)
Cash	13743	Accounts payable	2000
Accounts receivable	3200	Debt	3600
Invenotry	5080	Other liabilities	900
Property plant & equipment	15400	Total Liabilities	6500
Other assets	800	Paid-in capital	7200
		Retained earnings	24523
		Total Equity	31723
Total Assets	38223	Total Liabilities & Equity	38223

Final amount in Total Assets: $38223