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. Issue $80,000 in stock
2. Borrow $65,000 from a bank
3. Receive payment of $12,000 owed by a customer

What is the final amount in Total Assets?

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

Answer 1

1) Accounts receivable

To Balance b/d	3200000	By cash	12000
		By Balance c/d	3188000

2) Cash

To Balance b/d	14100000
To Accounts receivable	12000
To Debt	65000
To paid in capital	80000	By Balance c/d	14257000

3) Debt

To Balance c/d	3665000	By Balance b/d	3600000
		By Cash	65000

  

4) paid in capital

To Balance c/d	7280000	By Balance b/d	7200000
		By cash	80000

  Balance sheet

As on March 12,2018   

Cash	14257	Accounts payable	1900
Accounts receivable	3188	Debt	3665
inventory	4900	Other liabilities	2000
Propery plant and equipment	16300	Total liabilities	7565
Other assets	500
		Paid in capital	7280
		Retained earnings	24300
		Total equity	31580
Total Assets	39145	Total liabilities and equity	39145

The final amount in Total Assets = $39145