Solution-What is the final amount in Total Assets

What is the final amount in Total Assets

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Reference no: EM132431307

Question - Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question.

1. Sell, deliver, and receive payment of $20,000 for service.

2. Consume good or service and pay expense of $3,000.

3. Sell product for $25,000 in cash with historical cost of $20,000.

Lightspeed Industries Balance Sheet As of March 11, 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

Required - What is the final amount in Total Assets? Please specify your answer in the same units as the balance sheet.

Reference no: EM132431307

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What is the final amount in Total Assets

Reference no: EM132431307

Reference no: EM132431307

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