Question
As of January 5, 2018 (amounts in thousands) Cash 9,900 Accounts Payable 2,700 Accounts Receivable 4,500 Debt 3,500 Inventory 3,800 Other Liabilities 1,000
As of January 5, 2018 (amounts in thousands)
Cash 9,900 Accounts Payable 2,700
Accounts Receivable 4,500 Debt 3,500
Inventory 3,800 Other Liabilities 1,000
Property Plant & Equipment 16,800 Total Liabilities 7,200
Other Assets 1,600 Paid-In Capital 8,000
Retained Earnings 21,400
Total Equity 29,400
Total Assets 36,600 Total Liabilities & Equity 36,600
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018:
1. Purchase equipment for $43,000 in cash
2. Issue $90,000 in stock
What is the final amount in Cash?
Specify your answer in the same units as the balance sheet.
Can you explain how both of these affect the balance sheet?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To update the balance sheet to reflect the given transactions we need to make the following changes ...
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
