Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands) 9,100
Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands) 9,100 Accounts Payable 1,900 4,400 Debt 2,400 4,800 Other Liabilities 600 15,600 Total Liabilities 4,900 Total Equity 2,600 Paid-In Capital Retained Earnings 36,500 Total Liabilities & Equity 6,900 24,700 31,600 36,500 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock 5. Pay $8,000 owed to a supplier 6. Borrow $55,000 from a bank 7. Buy $17,000 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
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