Question

Lightspeed Industries Balance Sheet As of March 11, 2018 (amounts in thousands) Cash 14,100 Accounts Payable 1,900 Accounts Receivable 3,200 Debt 3,600 Inventory 4,900 Other Liabilities 2,000 Property Plant & Equipment 16,300 Total Liabilities 7,500 Other Assets 500 Paid-In Capital 7,200 Retained Earnings 24,300 Total Equity 31,500 Total Assets 39,000 Total Liabilities & Equity 39,000 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, deliver, and receive payment of $20,000 for service 2. Consume good or service and pay expense of $3,000 3. 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

Cash Account

Particulars	$	Particulars	$
Opening Balance	14,100	Payment towards Expenses	3000
Cash Sales	20,000	Closing Balance	56,100
Cash Sales	25,000
Total	59,100	Total	59,100

Profit and Loss Account

Particulars	$	Particulars	$
Expenses	3000	Opening Balance	24,300
Closing Balance	66,300	Cash Sales (20,000 + 25,000)	45,000

Balance Sheet

Liabilities	$	Assets	$
Paid-In capital	7,200	Cash	56,100
Retained Earnings	66,300	Accounts Receivables	3,200
Accounts Payable	1,900	Inventory	4,900
Debt	3,600	Property, Plant & Equipment	16,300
Other Liabilities	2,000	Other Assets	500
Total	81,000	Total	81,000