Question
ACME Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 9,900 Accounts Receivable 4,500 Inventory 3,800 Property Plant & Equipment 16,800 Other
ACME Company
Balance Sheet
As of January 5, 2018
(amounts in thousands)
Cash 9,900
Accounts Receivable 4,500
Inventory 3,800
Property Plant & Equipment 16,800
Other Assets 1,600
Total Assets 36,600
Accounts Payable 2,700
Debt 3,500
Other Liabilities 1,000
Total Liabilities 7,200
Paid-In Capital 8,000
Retained Earnings 21,400
Total Equity 29,400
Total Liabilities & Equity 36,600
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018
1. Sell product for $35,000 with historical cost of $28,000
What is the final amount in Retained Earnings?
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
