Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cash accounts receivable inventory property plant

Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Acme Company Balance Sheet As...

90.2K

Verified Solution

Question

Accounting

image

Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 9,100 Accounts Payable 4,400 Debt 4,800 Other Liabilities 15,600 Total Liabilities 2,600 Paid-In Capital Retained Earnings Total Equity 36,500 Total Liabilities & Equity 1,900 2,400 600 4,900 6,900 24,700 31,600 Total Assets 36,500 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 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)

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