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Dansko Integrated Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 9,900 Accounts Payable 2,700 Accounts Receivable 4,500 Debt 3,500 Inventory 3,800 Other Liabilities 1,000 Property Plant & Equipment 16,800 Total Liabilities 7,200 Other Assets 1,600 Paid-In Capital 8,000 Retained Earnings 21,400 Total Equity 29,400 Total Assets 36,600 Total Liabilities & Equity 36,600 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. Pay $4,000 owed to a supplier Jan 26. Issue $90,000 in stock Jan 27. Buy $16,000 worth of manufacturing supplies on credit Jan 28. Purchase equipment for $49,000 in cash Jan 29. Borrow $65,000 from a bank What is the final amount in Total Equity?

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Answer:

What is the final amount in Total Equity?

  • $119,400

Explanation:

January's balance:

Paid-In Capital 8,000

Retained Earnings 21,400

Total Equity 29,400

Jan 25. Pay $4,000 owed to a supplier

Dr Accounts payable 4,000

    Cr Cash 4,000

Jan 26. Issue $90,000 in stock

Dr Cash 90,000

    Cr Paid in capital 90,000

Jan 27. Buy $16,000 worth of manufacturing supplies on credit

Dr Inventory 16,000

    Cr Accounts payable 16,000

Jan 28. Purchase equipment for $49,000 in cash

Dr Equipment 49,000

    Cr Cash 49,000

Jan 29. Borrow $65,000 from a bank

Dr Cash 65,000

    Cr Debt 65,000

         Dansko Integrated

               Balance Sheet

For the Month Ended January 31, 202x

Assets:

Cash $111,900

Accounts Receivable $4,500

Inventory $19,800

Property Plant & Equipment $65,800

Other Assets $1,600

Total Assets $203,600

Liabilities and equity:

Liabilities:

Accounts Payable $14,700

Debt $68,500

Other Liabilities $1,000

Total Liabilities $84,200

Equity:

Paid-In Capital $98,000

Retained Earnings $21,400

Total Equity $119,400

Total Liabilities & Equity $203,600

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