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Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...

Acme Company
Balance Sheet
As of January 5, 2020
(amounts in thousands)
Cash 8,400 Accounts Payable 2,800
Accounts Receivable 4,700 Debt 3,400
Inventory 4,200 Other Liabilities 900
Property Plant & Equipment 17,200 Total Liabilities 7,100
Other Assets 2,800 Paid-In Capital 6,700
Retained Earnings 23,500
Total Equity 30,200
Total Assets 37,300 Total Liabilities & Equity 37,300

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Borrow $52,000 from a bank
2. Purchase equipment for $48,000 in cash

What is the final amount in Cash?

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).

Solutions

Expert Solution

Final amount in Cash = $                   8,404
Workings:
($ in thousands)
Cash Balance as on January 5, 2020 = $                   8,400
Add: Borrowings from Bank = $                         52
Less: Equipment purchased = $                       -48
Cash Balance as on January 6, 2020 = $                   8,404

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ekkarill92 answered 1 year ago
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