Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cash Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 1,900
Cash Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 1,900 Accounts Receivable Inventory Property Plant & Equipment Other Assets 3,600 2,000 7,500 7,200 500 Paid-In Capital Retained Earnings Total Equity 39,000 Total Liabilities & Equity 24,300 31,500 39,000 Total Assets Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Sell product for $40,000 with historical cost of $32,000 2. Sell product for $30,000 with historical cost of $24,000 3. Sell product for $25,000 with historical cost of $20,000 What is the final amount in Retained Earnings? 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