Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. acme company balance sheet as of january 5, 2019 (

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash...

60.1K

Verified Solution

Question

Accounting

Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands)
Cash 13,700 Accounts Payable 2,000
Accounts Receivable 3,200 Debt 3,600
Inventory 5,100 Other Liabilities 900
Property Plant & Equipment 15,400 Total Liabilities 6,500
Other Assets 800 Paid-In Capital 7,200
Retained Earnings 24,500
Total Equity 31,700
Total Assets 38,200 Total Liabilities & Equity 38,200

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019

1. Sell product for $40,000 with historical cost of $32,000 2. Sell product for $25,000 with historical cost of $20,000 3. Sell product for $30,000 with historical cost of $24,000

What is the final amount in Retained Earnings?

Please specify your answer in the same units as the balance sheet.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

What is the purpose of the neuro as it relates to neurotransmitters? What neurotransmitter would be...

Psychology
1.2K views

Write a persuasive speech on whether online or face to face learning/education is better for primary,...

Biology
1.2K views

An economic system driven by Internet commerce An economic theory stating that supply equals demand...

Basic Math
1.2K views

Two friends take a 2000 mile cross country trip together but they drive their own...

Basic Math
1.2K views

Write each number in scientific notation a 69 800 000 b c d x 10...

Basic Math
1.2K views

Suppose that the dollar value v (1) of a certain house that is f years...

Statistics
1.2K views

Are if statements required to be followed by else statements It depends on the condition...

Accounting
1.2K views

Revenue from fees $1,677,000 \table[[Operating expenses (excluding depreciation),$1,288,000,],[Depreciation expense,114,000,],[Gain on sale of...

Accounting
1.2K views

Jan. 1 Inventory Sale Mar. 18 May 2 Oct. 20 Weighted Average Cost Flow Method...

Accounting
1.2K views

Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as...

Accounting
1.2K views

Assets (1) s (2) (3) (4) (5) (6) (7) (8) (9) 5 5 s 5...

Finance
1.2K views

What are examples of transaction risks affecting companies dealing with foreign currency?