Question

Lightspeed Industries Balance Sheet As of March 11, 2020 (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, 2020, 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
4. Pay $6,000 owed to a supplier
5. Buy $17,000 worth of manufacturing supplies on credit

What is the final amount in Total Assets?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

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

Answer 1

Answer:

Assets
(Amounts in thousands)
Cash	$14,161
Accounts receivable	$3,188
Inventory	$4,900
Supplies	$17,000
Property,plant & Equipment	$16,300
Other assets	$500
Total assets	$56,049

Calculations:

Amounts in thousands

Cash:
Balance at Mar 11,2020	$14,100
Issuance of stock	$80
Borrow from bank	$65
Collections from customers	$12
Paid to suppliers	($96)
Balance at Mar 12,2020	$14,161
Accounts receivable:
Balance at Mar 11,2020	$3,200
Collections	($12)
Balance at Mar 12,2020	$3,188