Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Acme Company Balance Sheet As of January 5, 2023 (amounts in thousands) Cash 10,900 Accounts Payable 1,100 Accounts Receivable 4,100 Debt 2,600 Inventory 4,300 Other

Acme Company Balance Sheet As of January 5, 2023 (amounts in thousands)
Cash 10,900 Accounts Payable 1,100
Accounts Receivable 4,100 Debt 2,600
Inventory 4,300 Other Liabilities 3,100
Property Plant & Equipment 15,900 Total Liabilities 6,800
Other Assets 1,200 Paid-In Capital 8,000
Retained Earnings 21,600
Total Equity 29,600
Total Assets 36,400 Total Liabilities & Equity 36,400

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023

1. Buy $17,000 worth of manufacturing supplies on credit 2. Receive payment of $9,000 owed by a customer

What is the final amount in Cash?

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

Management Accounting

Authors: Leslie G. Eldenburg, Albie Brooks, Judy Oliver, Gillian Vesty, Susan Wolcott

2nd Edition

1742166148, 978-1742166148

More Books

Students also viewed these Accounting questions