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 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other

Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands)
Cash 14,300 Accounts Payable 1,900
Accounts Receivable 4,100 Debt 3,200
Inventory 5,800 Other Liabilities 4,000
Property Plant & Equipment 14,800 Total Liabilities 9,100
Other Assets 700 Paid-In Capital 7,700
Retained Earnings 22,900
Total Equity 30,600
Total Assets 39,700 Total Liabilities & Equity 39,700

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

1. Sell product for $20,000 with historical cost of $16,000 2. Sell product for $30,000 with historical cost of $24,000 3. Sell product for $35,000 with historical cost of $28,000

What is the final amount in Retained Earnings?

Please specify your answer in the same units as the balance sheet.

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar

8th Edition

0131810669, 978-0131810662

More Books

Students also viewed these Accounting questions

Question

Describe the team dynamics at Facebook.

Answered: 1 week ago