Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash14,100Accounts Payable1,900Accounts Receivable3,200Debt3,600Inventory4,900Other Liabilities2,000Property Plant & Equipment16,300 Total Liabilities7,500 Other Assets500Paid-In Capital7,200Retained Earnings24,300

Acme Company

Balance Sheet

As of January 5, 2020

(amounts in thousands)Cash14,100Accounts Payable1,900Accounts Receivable3,200Debt3,600Inventory4,900Other Liabilities2,000Property Plant & Equipment16,300Total Liabilities7,500Other Assets500Paid-In Capital7,200Retained Earnings24,300Total Equity31,500Total Assets39,000Total Liabilities & Equity39,000

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Issue $80,000 in stock

2. Borrow $65,000 from a bank

3. Receive payment of $12,000 owed by a customer

4. Pay $6,000 owed to a supplier

What is the final amount in Cash?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Accounting questions