Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Acme Company Balance Sheet Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets As of January 5, 2022 (amounts in thousands) 8,400
Acme Company Balance Sheet Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets As of January 5, 2022 (amounts in thousands) 8,400 Accounts Payable 2,800 4,700 Debt 3,400 4,200 Other Liabilities 900 17,200 Total Liabilities 7,100 6,700 23,500 30,200 37,300 2,800 Paid-In Capital Retained Earnings Total Equity 37,300 Total Liabilities & Equity Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022 1. Borrow $52,000 from a bank 2. Purchase equipment for $48,000 in cash 3. Issue $85,000 in stock 4. Buy $15,000 worth of manufacturing supplies on credit 5. Receive payment of $10,000 owed by a customer 6. Pay $7,000 owed to a supplier 7. Receive payment of $11,000 owed by a customer 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
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