Question

Use the starting balance sheet, income statement, and the list of changes to answer the question....

Use the starting balance sheet, income statement, and the list of changes to answer the question.

Lightspeed Industries
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash 20,000 Liabilities 37,000
Other Assets 35,000 Equity 18,000
Total Assets 55,000 Total Liabilities & Equity 55,000
Lightspeed Industries
Income Statement
January 1 to March 31, 2020
(amounts in thousands)
Revenue 3,300
Expenses 4,900
Net Income -1,600

Between January 1 and March 31, 2020:

1. Other Assets do not change
2. Liabilities increase by $400,000
3. Paid-In Capital does not change
4. Dividends paid of $300,000

What is the value for Cash on March 31, 2020?

Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

Homework Answers

Answer #1

The value of cash on march 31, 2020 = $18500 (in thousand)

As on March 31, 2020, (in thousands)
Other Assets (same) = $35000
Liabilities = ($37000 + $400) = $37400
Equity = ($18000 - Net loss - Dividend paid)
=> ($18000 - $1600 - $300) = $16100

So, Cash =(Liabilities + Equity - Other assets)
=> ($16100 + $37400 - $35000)
=> $18500 (Ans)

Balance sheet as of December 31, 2020 (amount in thousands)

Assets Amount ($) Liabilities Amount ($)
Cash 18500 Liabilities 37400
Other assets 35000 Equity 16100
Total Assets 53500 Total Liabilities 53500

(If there are any questions, kindly let me know in comments. If the solution is to your satisfaction, a thumbs up would be appreciated. Thank You)

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