Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other

Acme Company
Balance Sheet
As of January 5, 2019
(amounts in thousands)
Cash 8,400 Accounts Payable 2,800
Accounts Receivable 4,700 Debt 3,400
Inventory 4,200 Other Liabilities 900
Property Plant & Equipment 17,200 Total Liabilities 7,100
Other Assets 2,800 Paid-In Capital 6,700
Retained Earnings 23,500
Total Equity 30,200
Total Assets 37,300 Total Liabilities & Equity 37,300

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019

1. Borrow $52,000 from a bank
2. Purchase equipment for $48,000 in cash
3. Issue $85,000 in stock
4. Buy $15,000 worth of manufacturing supplies on credit
5. Receive payment of $10,000 owed by a customer
6. Pay $7,000 owed to a supplier
7. Receive payment of $11,000 owed by a customer

What is the final amount in Cash?


Step by Step Solution

There are 3 Steps involved in it

Step: 1

Based on the transactions provided lets update the balance sheet to ... 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

Fundamentals of Corporate Finance

Authors: Robert Parrino, David S. Kidwell, Thomas Bates

4th edition

1119371406, 978-1119371403

More Books

Students also viewed these Accounting questions

Question

Find the dy/dx for the following 3 2x+1.2x+1 (x +1)4 1- y=-

Answered: 1 week ago

Question

Give examples of how incremental costs are used in decision-making.

Answered: 1 week ago

Question

What is the internal rate of return (IRR) method?

Answered: 1 week ago