Question
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?
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
