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Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,400 Debt 3,600 Inventory 5,100 Other Liabilities 2,100 Property Plant & Equipment 17,500 Total...

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Accounting

Acme Company
Balance Sheet
As of January 5, 2019
(amounts in thousands)
Cash9,000Accounts Payable1,200
Accounts Receivable3,400Debt3,600
Inventory5,100Other Liabilities2,100
Property Plant & Equipment17,500Total Liabilities6,900
Other Assets600Paid-In Capital5,900
Retained Earnings22,800
Total Equity28,700
Total Assets35,600Total Liabilities & Equity35,600

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

1. Borrow $55,000 from a bank
2. Buy $14,000 worth of manufacturing supplies on credit
3. Pay $7,000 owed to a supplier
4. Receive payment of $12,000 owed by a customer

What is the final amount in Cash?

Answer & Explanation Solved by verified expert
4.1 Ratings (609 Votes)

Final cash amount = $9,060

Working

Transaction Cash affected ? Amount ($ in thousand)
1 Yes $                   55.00
2 No $                          -  
3 Yes $                   (7.00)
4 Yes $                   12.00
Total change in cash $                   60.00
Add: Beginning cash balance $             9,000.00
Ending Cash $             9,060.00

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