missing information from the balance sheet

1. If Total Assets are $3,500 and Total Liabilities is $2,500 then what is the value of Total Equity?
2. Fill in the missing information from the balance sheet.

Stuart Company Balance Sheet As of December 31, 2017 (amounts in thousands)
Cash		Liabilities	2,900
Other Assets	3,000	Equity	2,100
Total Assets		Total Liabilities & Equity

 

What is the value for Cash?

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

3. 123456All

Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands)
Cash	12,500	Accounts Payable	2,400
Accounts Receivable	3,600	Debt	3,700
Inventory	5,200	Other Liabilities	3,000
Property Plant & Equipment	16,700	Total Liabilities	9,100
Other Assets	600	Paid-In Capital	5,600
		Retained Earnings	23,900
		Total Equity	29,500
Total Assets	38,600	Total Liabilities & Equity	38,600

 

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018

1. Buy $15,000 worth of manufacturing supplies on credit
   2. Purchase equipment for $48,000 in cash

What is the final amount in Cash?

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

Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands)
Cash	14,700	Accounts Payable	2,400
Accounts Receivable	4,800	Debt	3,700
Inventory	3,800	Other Liabilities	5,000
Property Plant & Equipment	15,800	Total Liabilities	11,100
Other Assets	900	Paid-In Capital	6,000
		Retained Earnings	22,900
		Total Equity	28,900
Total Assets	40,000	Total Liabilities & Equity	40,000

 

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018

1. Receive payment of $12,000 owed by a customer
   2. Buy $15,000 worth of manufacturing supplies on credit
   3. Purchase equipment for $44,000 in cash
   4. Issue $80,000 in stock

What is the final amount in Accounts Payable?

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

Suppose Lightspeed Industries has the following revenue and expenses for 2017:

Revenues of $9,800,000
Cost of Goods Sold of $1,960,000
Depreciation Expenses of $800,000
Income Taxes of $2,196,000
Interest Expenses of $170,000
Other Expenses of $400,000
Sales, General, & Administrative Expenses of $980,000

Create an income statement with amounts in thousands

What is the value of Gross Income?

Please specify your answer in the same units as the income statement.

Suppose Hopewell Corporation has the following results related to cash flows for 2017:

Increase in Debt of $200,000
Dividends Paid of $700,000
Purchases of Property, Plant, & Equipment of $7,800,000
Other Adjustments from Financing Activities of $300,000
Other Adjustments from Investing Activities of -$800,000

Assuming no other cash flow adjustments than those listed above, create a statement of cash flows for investing and financing activities with amounts in thousands.

What is the Net Cash Flow from Investing and Financing Activities?

Please specify your answer in the same units as the statement of cash flows.

 

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

Lightspeed Industries Balance Sheet As of December 31, 2017 (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, 2018 (amounts in thousands)
Revenue			3,300
Expenses			4,900
Net Income			-1,600

Between January 1 and March 31, 2018:

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, 2018?

Please specify your answer in the same units as the financial statements.

 

Consider the following account starting balances and transactions involving these accounts.
Use T-accounts to record the starting balances and the offsetting entries for the transactions.

The starting balance of Cash is $14,100
The starting balance of Inventory is $4,900
The starting balance of Retained Earnings is $24,300

1. Sell, deliver, and receive payment of $20 for service
   2. Consume good or service and pay expense of $3
   3. Sell product for $25 in cash with historical cost of $20

What is the final amount in Retained Earnings?

 

Ruston Company Balance Sheet As of March 11, 2018 (amounts in thousands)
Cash	9,000	Accounts Payable	1,200
Accounts Receivable	3,400	Debt	3,600
Inventory	5,100	Other Liabilities	2,100
Property Plant & Equipment	17,500	Total Liabilities	6,900
Other Assets	600	Paid-In Capital	5,900
		Retained Earnings	22,800
		Total Equity	28,700
Total Assets	35,600	Total Liabilities & Equity	35,600

Use T-accounts to record the transactions below, which occur on March 12, 2018, close the T-accounts, and construct a balance sheet to answer the question.

1. Borrow $55,000 from a bank
   2. Buy $14,000 worth of manufacturing supplies on credit
   3. Pay $7,000 owed to a supplier

What is the final amount in Total Assets?

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

 

 

Ruston Company Balance Sheet As of January 24, 2018 (amounts in thousands)
Cash	9,000	Accounts Payable	1,200
Accounts Receivable	3,400	Debt	3,600
Inventory	5,100	Other Liabilities	2,100
Property Plant & Equipment	17,500	Total Liabilities	6,900
Other Assets	600	Paid-In Capital	5,900
		Retained Earnings	22,800
		Total Equity	28,700
Total Assets	35,600	Total Liabilities & Equity	35,600

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 $55,000 from a bank
Jan 26. Buy $14,000 worth of manufacturing supplies on credit
Jan 27. Pay $7,000 owed to a supplier

What is the final amount in Total Assets?

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