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Stuart Company Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 8,400 Accounts Payable...

Stuart Company
Balance Sheet
As of January 24, 2019
(amounts in thousands)
Cash 8,400 Accounts Payable 2,800
Accounts Receivable 4,700 Debt 3,400
Inventory 4,200 Other Liabilities 900
Property Plant & Equipment 17,200 Total Liabilities 7,100
Other Assets 2,800 Paid-In Capital 6,700
Retained Earnings 23,500
Total Equity 30,200
Total Assets 37,300 Total Liabilities & Equity 37,300

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.

Jan 25. Borrow $52,000 from a bank
Jan 26. Purchase equipment for $48,000 in cash
Jan 27. Issue $85,000 in stock
Jan 28. Buy $15,000 worth of manufacturing supplies on credit
Jan 29. Receive payment of $10,000 owed by a customer

What is the final amount in Total Assets?

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

business   accounting   
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Homework Answers

Answer #1
Balance Sheet
Cash $   8,499.00 Accounts Payable $   2,815.00
Accounts Receivable $   4,690.00 Debt $   3,452.00
Supplies $         15.00 Other Liabilities $      900.00
Equipment $ 17,248.00 Total Liabilities $   7,167.00
Other Assets $   2,800.00 Common Stock $   6,785.00
Inventory $   4,200.00 Retained Earnings $ 23,500.00
Total Equity $ 30,285.00
Total Assets $ 37,452.00 Total Liab. And Equity $ 37,452.00
Therefore, Total Assets = $ 37,452.00

Workings:

Journal Entry
in thousands
Date Particulars Debit Credit
25-Jan Cash $   52.00
To Debt $   52.00
26-Jan Equipment $   48.00
To Cash $   48.00
27-Jan Cash $   85.00
To Common Stock $   85.00
28-Jan Supplies $   15.00
To Accounts Payable $   15.00
29-Jan Cash $   10.00
To Accounts Receivable $   10.00
Cash Debt Equipment
Beg. Bal. $ 8,400.00 26-Jan $      48.00 End. Bal $ 3,452.00 Beg. Bal. $ 3,400.00 Beg. Bal $ 17,200.00 End. Bal $ 17,248.00
25-Jan $      52.00 25-Jan $      52.00 26-Jan $         48.00
27-Jan $      85.00
29-Jan $      10.00 End. Bal. $ 8,499.00
Common Stock Supplies Accounts Payable
End. Bal $ 6,785.00 Beg. Bal. $ 6,700.00 28-Jan $      15.00 End. Bal $      15.00 End. Bal $   2,815.00 Beg. Bal. $   2,800.00
27-Jan $      85.00 28-Jan $         15.00
Accounts Receivable
Beg. Bal. $ 4,700.00 29-Jan $      10.00
End. Bal $ 4,690.00
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