- If Total Assets are $3,500 and Total Liabilities is $2,500 then what is the value of Total Equity?
- 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.
- 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
- 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
- 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:
- 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
- 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.
- 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.