Question

Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the...

Consider the following account starting balances and transactions involving these accounts.
Use T-accounts to record the starting balances and the offsetting entries for the transactions.

The starting balance of Accounts Receivable is $3,200
The starting balance of Cash is $14,100
The starting balance of Inventory is $4,900

1. Buy $17 worth of manufacturing supplies for cash
2. Sell product for $25 in cash with historical cost of $25
3. Receive payment of $12 owed by a customer

What is the final amount in Cash?

Siam Traders
Balance Sheet
As of March 11, 2019
(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

Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question.

1. Purchase equipment for $43,000 in cash
2. Receive payment of $11,000 owed by a customer
3. Buy $14,000 worth of manufacturing supplies on credit
4. Issue $70,000 in stock
5. Pay $8,000 owed to a supplier

What is the final amount in Total Equity?

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

Stuart Company
Balance Sheet
As of March 11, 2019
(amounts in thousands)
Cash 8,400 Accounts Payable 2,800
Accounts Receivable 4,700 Debt 3,400
Inventory 4,200 Other Liabilities 900
Property Plant & Equipment 17,200 Total Liabilities 7,100
Other Assets 2,800 Paid-In Capital 6,700
Retained Earnings 23,500
Total Equity 30,200
Total Assets 37,300 Total Liabilities & Equity 37,300

Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question.

1. Consume good or service and pay expense of $2,000
2. Sell product for $40,000 in cash with historical cost of $32,000
3. Sell, deliver, and receive payment of $25,000 for service

What is the final amount in Total Liabilities & Equity?

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

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