In: Accounting
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) |
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---|---|---|---|
Cash | 9,700 | Accounts Payable | 1,500 |
Accounts Receivable | 4,500 | Debt | 2,900 |
Inventory | 3,800 | Other Liabilities | 800 |
Property Plant & Equipment | 16,400 | Total Liabilities | 5,200 |
Other Assets | 1,700 | Paid-In Capital | 7,300 |
Retained Earnings | 23,600 | ||
Total Equity | 30,900 | ||
Total Assets | 36,100 | Total Liabilities & Equity | 36,100 |
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020
1. Buy $15,000 worth of manufacturing supplies on credit
2. Issue $85,000 in stock
3. Borrow $63,000 from a bank
4. Pay $5,000 owed to a supplier
5. Receive payment of $12,000 owed by a customer
6. Purchase equipment for $44,000 in cash
7. Pay $7,000 owed to a supplier
What is the final amount in Accounts Receivable?
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).
Please find below an updated balance sheet of Acme Company as on 06th January 2020 after considering all the given 7 transactions:
Acme Company updated Balance Sheet As of January 6, 2020 | |||
Assets | Amount (in '000) | Liabilities | Amount (in '000) |
Cash | 9,719 | Accounts Payable | 1,503 |
Accounts Receivable | 4,488 | Debt | 2,900 |
Inventory | 3,730 | Other Liabilities | 863 |
Property Plant & Equipment | 16,444 | Total Liabilities | 5,266 |
Other Assets | 1,700 | Paid-In Capital | 7,300 |
Retained Earnings | 23,515 | ||
Total Equity | 30,815 | ||
Total Assets | 36,081 | Total Liabilities & Equity | 36,081 |
The final updated amount in Accounts Receivable A/c is $ 4,488 (in '000')
Note: Here below given is a detailed working on above provided updated balance sheet of Acme Company as on 06.01.2020 for your easy reference.
Accounts Payable A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Cash A/c | 5 | 06.01.2020 | By Opening Balance b/d | 1,500 |
06.01.2020 | To Cash A/c | 7 | 06.01.2020 | By Inventory A/c | 15 |
06.01.2020 | To Closing Balance b/f | 1,503 | |||
TOTALS | 1,515 | TOTALS | 1,515 |
Accounts Receivable A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Opening Balance b/d | 4,500 | 06.01.2020 | By Cash A/c | 12 |
06.01.2020 | By Closing Balance b/f | 4,488 | |||
TOTALS | 4,500 | TOTALS | 4,500 |
Property Plant & Equipment A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Opening Balance b/d | 16,400 | 06.01.2020 | By Closing Balance b/f | 16,444 |
06.01.2020 | To Cash A/c | 44 | |||
TOTALS | 16,444 | TOTALS | 16,444 |
Cash A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Opening Balance b/d | 9,700 | 06.01.2020 | By Accounts Payable A/c | 5 |
06.01.2020 | To Accounts Receivable A/c | 12 | 06.01.2020 | By Accounts Payable A/c | 7 |
06.01.2020 | To Bank Borrowing A/c | 63 | 06.01.2020 | By Property Plant & Equipment A/c | 44 |
06.01.2020 | By Closing Balance b/f | 9,719 | |||
TOTALS | 9,775 | TOTALS | 9,775 |
Other Liabilities A/c (Bank Borrowing) | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Closing Balance b/f | 863 | 06.01.2020 | To Opening Balance b/d | 800 |
06.01.2020 | By Cash A/c | 63 | |||
TOTALS | 863 | TOTALS | 863 |
Inventory A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Opening Balance b/d | 3,800 | 06.01.2020 | By Stock Issuance A/c | 85 |
06.01.2020 | To Accounts Payable A/c | 15 | 06.01.2020 | By Closing Balance b/f | 3,730 |
TOTALS | 3,815 | TOTALS | 3,815 |
Retained Earnings A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Gross Loss b/d | 85 | 06.01.2020 | By Opening Balance b/d | 23,600 |
06.01.2020 | To Closing Balance b/f | 23,515 | |||
TOTALS | 23,600 | TOTALS | 23,600 |
Trading A/c | |||||
Date | Particulars | Amt (in '000') | Date | Particulars | Amt (in '000') |
06.01.2020 | To Stock Issuance A/c | 85 | 06.01.2020 | By Gross Loss b/f | 85 |
TOTALS | 85 | TOTALS | 85 |