Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ACME Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 9,100 Accounts Receivable 4,400 Inventory 4,800 Property Plant & Equipment 15,600 Other

ACME Company

Balance Sheet

As of January 5, 2018

(amounts in thousands)

Cash 9,100

Accounts Receivable 4,400

Inventory 4,800

Property Plant & Equipment 15,600

Other Assets 2,600

Total Assets 36,500

Accounts Payable 1,900

Debt 2,400

Other Liabilities 600

Total Liabilities 4,900

Paid-In Capital 6,900

Retained Earnings 24,700

Total Equity 31,600

Total Liabilities & Equity 36,500

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

1. Sell product for $25,000 with historical cost of $20,000

2. Sell product for $30,000 with historical cost of $24,000

3. Sell product for $40,000 with historical cost of $32,000

What is the final amount in Retained Earnings?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Management Accounting A User Perspective

Authors: Michael L Werner, Kumen H Jones

2nd Edition

0130327506, 9780130327505

More Books

Students also viewed these Accounting questions

Question

1. To generate a discussion on the concept of roles

Answered: 1 week ago