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) Cash 12,500 Accounts Payable 2,400 Accounts Receivable 3,600 Debt 3,700 Inventory 5,200 Other

Acme Company

Balance Sheet

As of January 5, 2020

(amounts in thousands) Cash 12,500 Accounts Payable 2,400 Accounts Receivable 3,600 Debt 3,700 Inventory 5,200 Other Liabilities 3,000 Property Plant & Equipment 16,700 Total Liabilities 9,100 Other Assets 600 Paid-In Capital 5,600 Retained Earnings 23,900 Total Equity 29,500 Total Assets 38,600 Total Liabilities & Equity 38,600

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

1. Buy $15,000 worth of manufacturing supplies on credit

2. Purchase equipment for $48,000 in cash

3. Receive payment of $13,000 owed by a customer

4. Issue $70,000 in stock

5. Borrow $65,000 from a bank

6. Pay $5,000 owed to a supplier

7. Purchase equipment for $42,000 in cash

What is the final amount in Accounts Receivable?

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

Managerial Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

12th Edition

1133952402, 978-1133952404

More Books

Students also viewed these Accounting questions

Question

Describe the historical roots of clinical psychology.

Answered: 1 week ago