Question

Lightspeed Industries Balance Sheet As of January 3, 2019 (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 Transfer the journal entries to T-accounts for the transactions below, compute closing amounts for the T-accounts, and construct a final balance sheet to answer the question. Journal amounts in thousands Date Account and Explanation Debit Credit 4-Jan Cash 80    Paid-In Capital 80 Issued stock 5-Jan Cash 65    Debt 65 Borrowed money from bank 6-Jan Cash 12    Accounts Receivable 12 Received customer payment 7-Jan Cash 6    Inventory 5    Retained Earnings 1 Sold and delivered product to customer 8-Jan Inventory 17    Accounts Payable 17 Bought manufacturing supplies on credit 9-Jan Property, Plant & Equipment 47    Cash 47 Paid cash for machine 10-Jan Accounts Payable 8    Cash 8 Paid money owed to supplier What is the final amount in Total Assets? Please specify your answer in the same units as the balance sheet.

Answer 1