| 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. Receive payment of $12,000 owed by a customer
Jan 26. Purchase equipment for $45,000 in cash
Jan 27. Issue $85,000 in stock
What is the final amount in Total Liabilities & Equity?
Please specify your answer in the same units as the balance sheet.
| W.N | |||||||||
| Journal | |||||||||
| Date | Account Title | Debit-$ | Credit-$ | ||||||
| 25-Jan | Cash | 12000 | |||||||
| Accounts Receivable | 12000 | ||||||||
| being payment received from customer | |||||||||
| 26-Jan | Equipment | 45000 | |||||||
| Cash | 45000 | ||||||||
| being equipment purchased for cash | |||||||||
| 27-Jan | Cash | 85000 | |||||||
| Capital | 85000 | ||||||||
| issue of stock | |||||||||
| Cash | Accounts Receivable | ||||||||
| Particulars | Debit-$ | Particulars | Credit-$ | Particulars | Debit-$ | Particulars | Credit-$ | ||
| Beg Balance | 13700 | Equipment | 45000 | Beg Balance | 3200 | Cash | 12000 | ||
| Accounts Receivable | 12000 | Ending Balance | 8800 | ||||||
| Capital | 85000 | Ending Balance | 65700 | ||||||
| 110700 | 110700 | ||||||||
| Equipment | Paid in Capital | ||||||||
| Particulars | Debit-$ | Particulars | Credit-$ | Particulars | Debit-$ | Particulars | Credit-$ | ||
| Beg Balance | 15400 | Beg Balance | 7200 | ||||||
| Cash | 45000 | Ending Balance | 60400 | Ending Balance | 92200 | Cash | 85000 | ||
| Nippon Technology | |||||||||
| Balance Sheet | |||||||||
| As of Jan 24 2019 | |||||||||
| amt in thousands | |||||||||
| Cash | $65,700 | Accounts Payable | $2,000 | ||||||
| Accounts Receivable | ($8,800) | Debt | $3,600 | ||||||
| Inventory | $5,100 | Other Liabilities | $900 | ||||||
| Property Plant & Equipment | $60,400 | Total Liabilities | $6,500 | ||||||
| Other Assets | $800 | Paid in Capital | $92,200 | ||||||
| Retained Earnings | $24,500 | ||||||||
| Total Equity | $116,700 | ||||||||
| Total Assets | $123,200 | Total Liabilities and Equity | $123,200 | ||||||
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