Siam Traders Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 9,100 Accounts Payable 1,900 Accounts Receivable 4,400 Debt 2,400 Inventory 4,800 Other Liabilities 600 Property Plant & Equipment 15,600 Total Liabilities 4,900 Other Assets 2,600 Paid-In Capital 6,900 Retained Earnings 24,700 Total Equity 31,600 Total Assets 36,500 Total Liabilities & Equity 36,500 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. Purchase equipment for $43,000 in cash Jan 26. Receive payment of $11,000 owed by a customer Jan 27. Buy $14,000 worth of manufacturing supplies on credit What is the final amount in Total Equity? Please specify your answer in the same units as the balance sheet. Please don't provide solution in an image format thank you
Siam Traders Balance Sheet As of January 24, 2019 (amounts in thousands) Cash 9,100 Accounts Payable 1,900 Accounts Receivable 4,400 Debt 2,400 Inventory 4,800 Other Liabilities 600 Property Plant & Equipment 15,600 Total Liabilities 4,900 Other Assets 2,600 Paid-In Capital 6,900 Retained Earnings 24,700 Total Equity 31,600 Total Assets 36,500 Total Liabilities & Equity 36,500 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. Purchase equipment for $43,000 in cash Jan 26. Receive payment of $11,000 owed by a customer Jan 27. Buy $14,000 worth of manufacturing supplies on credit What is the final amount in Total Equity? Please specify your answer in the same units as the balance sheet. Please don't provide solution in an image format thank you
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Siam Traders As of January 24, 2019 (amounts in thousands) |
|||
|---|---|---|---|
| Cash | 9,100 | Accounts Payable | 1,900 |
| 4,400 | Debt | 2,400 | |
| Inventory | 4,800 | Other Liabilities | 600 |
| Property Plant & Equipment | 15,600 | Total Liabilities | 4,900 |
| Other Assets | 2,600 | Paid-In Capital | 6,900 |
| 24,700 | |||
| Total Equity | 31,600 | ||
| Total Assets | 36,500 | Total Liabilities & Equity | 36,500 |
Record the transactions in a journal, transfer the
Jan 25. Purchase equipment for $43,000 in cash
Jan 26. Receive payment of $11,000 owed by a customer
Jan 27. Buy $14,000 worth of manufacturing supplies on credit
What is the final amount in Total Equity?
Please specify your answer in the same units as the balance sheet.
Please don't provide solution in an image format thank you
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