Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,300 Accounts Payable

image text in transcribed
Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,300 Accounts Payable 4,100 Debt 5,800 Other Liabilities 14,800 Total Liabilities 700 Paid-In Capital Retained Earnings Total Equity 39,700 Total Liabilities & Equity 1,900 3,200 4,000 9,100 7,700 22,900 30,600 39,700 Total Assets Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Purchase equipment for $50,000 in cash 2. Borrow $67,000 from a bank 3. Issue $80,000 in stock 4. Buy $16,000 worth of manufacturing supplies on credit What is the final amount in Inventory? 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)

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

Construction Industry IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304131920, 978-1304131928

More Books

Students also viewed these Accounting questions