Siam Traders Balance Sheet As of January 24, 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 |
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. Purchase equipment for $43,000 in cash
Jan 26. Receive payment of $11,000 owed by a customer
Jan 27. Buy $14,000 worth of manufacturing supplies on credit
What is the final amount in Total Equity?
Please specify your answer in the same units as the balance sheet.
a)
Date | Account title | Debit | credit |
Jan 25 | Equipment | 43000 | |
cash | 43000 | ||
Jan 26 | Cash | 11000 | |
Accounts receivable | 11000 | ||
Jan 27 | supplies | 14000 | |
Accounts payable |
b)
CASH | |||
Beg Bal January 24, 2019 | 9100 | 43 | equipment purchased |
Accounts receivable | 11 | ||
Ending balance | 9068 |
Property ,plant and Equipment | |||
Beg Bal January 24, 2019 | 15600 | ||
equipment purchased | 43 | ||
Ending balance | 15643 |
Accounts receivable | |||
Beg Bal January 24, 2019 | 4400 | 11 | Amount collected |
Ending balance | 4389 |
supplies | |||
Beg Bal January 24, 2019 | 0 | ||
Purchase | 14 | ||
Ending balance | 14 |
Accounts payable | |||
1900 | Accounts payable | ||
14 | supplies purchased | ||
1914 | Ending balance |
c)
Siam
Traders Balance Sheet As of January 27, 2019 (amounts in thousands) |
|||
cash | 9068 | Accounts Payable | 1914 |
Accounts receivable | 4389 | Debt | 2400 |
Inventory | 4800 | other liabilities | 600 |
supplies | 14 | ||
property plant and equipment | 15643 | Total liabilities | 4914 |
other asset | 2600 | Paid-In Capital | 6900 |
Retained earning | 24700 | ||
Total equity | 31600 | ||
Total asset | 36514 | Total liabilities and equity | 36514 |
Total equity = Total asset -total liabilities
= 36514-4914
= 31600
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