Question
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,100 Accounts Payable 1,900 Accounts Receivable 4,400 Debt 2,400 Inventory 4,800 Other
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands)
Cash 9,100 Accounts Payable 1,900
Accounts Receivable 4,400 Debt 2,400
Inventory 4,800 Other Liabilities 600
Property Plant & Equipment 15,600 Total Liabilities 4,900
Other Assets 2,600 Paid-In Capital 6,900
Retained Earnings 24,700
Total Equity 31,600
Total Assets 36,500 Total Liabilities & Equity 36,500
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019
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?
Please specify your answer in the same units as the balance sheet.
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