{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-01T00:14:53-04:00", "answer_date": "2024-06-01 00:14:53", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2026683", "url": "\/study-help\/questions\/acme-company-balance-sheet-as-of-january-5-2022-amounts-2026683", "question_creation_date_js": "2024-06-01T00:14:53-04:00", "question_creation_date": "Jun 01, 2024 12:14 AM", "meta_title": "[Solved] Acme Company Balance Sheet As of January | SolutionInn", "meta_description": "Answer of - Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands) Cash 12,500 Accounts Payable 2,400 Accounts Re | SolutionInn", "meta_keywords": "acme,company,balance,sheet,january,5,2022,amounts,thousands,cash,12,500,accounts", "question_title_h1": "Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands) Cash 12,500 Accounts Payable 2,400 Accounts Receivable 3,600 Debt 3,700 Inventory 5,200 Other", "question_title": "Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands)", "question_title_for_js_snippet": "Acme Company Balance Sheet As of January 5, 2022 (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, 2022 1 Sell product for $35,000 with historical cost of $28,000 2 Sell product for $20,000 with historical cost of $16,000 3 Sell product for $25,000 with historical cost of $20,000 What is the final amount in Retained Earnings 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) ", "question_description": "
Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands)<\/th> <\/tr>
Cash<\/td> 12,500<\/td> Accounts Payable<\/td> 2,400<\/td> <\/tr>
Accounts Receivable<\/td> 3,600<\/td> Debt<\/td> 3,700<\/td> <\/tr>
Inventory<\/td> 5,200<\/td> Other Liabilities<\/td> 3,000<\/td> <\/tr>
Property Plant & Equipment<\/td> 16,700<\/td> Total Liabilities<\/strong><\/td> 9,100<\/strong><\/td> <\/tr>
Other Assets<\/td> 600<\/td> Paid-In Capital<\/td> 5,600<\/td> <\/tr>
<\/td> <\/td> Retained Earnings<\/td> 23,900<\/td> <\/tr>
<\/td> <\/td> Total Equity<\/strong><\/td> 29,500<\/strong><\/td> <\/tr>
Total Assets<\/strong><\/td> 38,600<\/strong><\/td> Total Liabilities & Equity<\/strong><\/td> 38,600<\/strong><\/td> <\/tr> <\/tbody> <\/table>

<\/p>

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022<\/p>

1. Sell product for $35,000 with historical cost of $28,000 2. Sell product for $20,000 with historical cost of $16,000 3. Sell product for $25,000 with historical cost of $20,000<\/p>

What is the final amount in Retained Earnings?<\/strong><\/p>

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.<\/p>

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).<\/p>", "transcribed_text": "", "related_book": { "title": "Fundamentals of Corporate Finance", "isbn": "1119371406, 978-1119371403", "edition": "4th edition", "authors": "Robert Parrino, David S. Kidwell, Thomas Bates", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1840.jpg", "uri": "\/textbooks\/fundamentals-of-corporate-finance-4th-edition-1840", "see_more_uri": "\/textbooks\/business-auditing-financial-auditing-3474" }, "free_related_book": { "isbn": "0073397962", "uri": "\/textbooks\/applied-numerical-methods-with-matlab-for-engineers-and-scientists-4th-edition-9780073397962", "name": "Applied Numerical Methods With MATLAB For Engineers And Scientists", "edition": "4th Edition" }, "question_posted": "2024-06-01 00:14:53", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/managerial-accounting-tools-for-business-decision-making\/describe-how-price-variances-create-incentives-to-build-inventories-1278075", "description": "Describe how price variances create incentives to build inventories.", "stars": 3 }, { "url": "\/american-eagle-outfitters-inc-sells-clothing-accessories-and-personal-care", "description": "American Eagle Outfitters, Inc. sells clothing, accessories, and personal care products for men and women through its retail stores. 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