Question

Siam Traders Balance Sheet As of March 11, 2018 (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, 2018, close the T-accounts, and construct a balance sheet to answer the question.

1. Sell product for $30,000 in cash with historical cost of $24,000
2. Sell, deliver, and receive payment of $40,000 for service
3. Consume good or service and pay expense of $2,000

What is the final amount in Total Assets?

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

Answer 1

Answer:

T Accounts required for the given transactions are prepared as below.

Further T accounts as necessary for closure of accounts and Balance Sheet as at March 12, 2018 are also prepared as below:

Final Amount in Total Assets is (Amount in thousand $) = 36,544