Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 14,700 Accounts Payable 2,400 4,800 Debt 3,700 Accounts Receivable 3,800 Other Liabilities
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 14,700 Accounts Payable 2,400 4,800 Debt 3,700 Accounts Receivable 3,800 Other Liabilities 5,000 15,800 Total Liabilities 11,100 Inventory Property Plant & Equipment Other Assets 900 Paid-In Capital 6,000 Retained Earnings 22,900 Total Equity 28,900 40,000 Total Liabilities & 40,000 Equity Total Assets Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Receive payment of $12,000 owed by a customer 2. Buy $15,000 worth of manufacturing supplies on credit 3. Purchase equipment for $44,000 in cash 4. Issue $80,000 in stock 5. Pay $4,000 owed to a supplier 6. Borrow $58,000 from a bank 7. Buy $15,000 worth of manufacturing supplies on credit What is the final amount in Accounts Payable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started