Question
In: Accounting
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 13,700 Accounts Payable...
| Acme Company Balance Sheet As of January 5, 2020 (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, 2020
1. Sell product for $40,000 with historical cost of $32,000
What is the final amount in Retained Earnings?
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
| Calulation of Gain or Loss on Sale for transaction dated January 06 | |||
| Sales value of the Product = | $40,000 | ||
| Less: Historical Cost | $32,000 | ||
| Gain on Sale | $8,000 | ||
| Calculation of Final amount of retained Earnings = | |||
| Retained Earnings as on Jan 05, 2020 | $24,500 | ||
| Add: Gain on sale of prodcut | $8 | ||
| Final Amount of Retained Earnings | $24,508 | ||
| REVISE BALANCE SHEET | |||
| AS OF JANUARY 06,2020 | |||
| (Amount in Thousnad) | |||
| Cash (13,700 + 40) | $13,740 | Account Payable | $2,000 |
| Account Receivable | $3,200 | Debt | $3,600 |
| Inventory( 5100 - 32) | $5,068 | Other Liabilities | $900 |
| Property Plant & Equipment | $15,400 | Total Liabilities (A) | $6,500 |
| Other Assets | $800 | Paid in Capital | $7,200 |
| Retained Earnings | $24,508 | ||
| Total Equity(B) | $31,708 | ||
| Total Assets | $38,208 | Total Liabilities & Equity(A+B) | $38,208 |
ekkarill92 answered 1 year agoRelated Solutions
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...
Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 9,700 Accounts Payable...
Acme Company
Balance Sheet
As of January 5, 2020
(amounts in thousands)
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...
Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 14,300 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2018 (amounts in
thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable
4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property
Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets
700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity
30,600 Total Assets 39,700 Total Liabilities & Equity 39,700
Update the balance sheet above to reflect the transactions below,
which occur on January 6, 2018 1. Sell product for $20,000 with
historical cost of...
Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 14,300 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2018 (amounts in
thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable
4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property
Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets
700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity
30,600 Total Assets 39,700 Total Liabilities & Equity 39,700
Update the balance sheet above to reflect the transactions below,
which occur on January 6, 2018 1. Purchase equipment for $50,000 in
cash 2. Borrow...
Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 14,700 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2018 (amounts in
thousands) Cash 14,700 Accounts Payable 2,400 Accounts Receivable
4,800 Debt 3,700 Inventory 3,800 Other Liabilities 5,000 Property
Plant & Equipment 15,800 Total Liabilities 11,100 Other Assets
900 Paid-In Capital 6,000 Retained Earnings 22,900 Total Equity
28,900 Total Assets 40,000 Total Liabilities & Equity 40,000
Update the balance sheet above to reflect the transactions below,
which occur on January 6, 2018 1. Receive payment of $12,000 owed
by a customer...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable...
Acme Company
Balance Sheet
As of January 5, 2019
(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, 2019
1. Borrow $52,000 from a bank
2. Purchase equipment...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 9,000 Accounts Payable...
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 Liabilities
6,900
Other Assets
600
Paid-In Capital
5,900
Retained Earnings
22,800
Total Equity
28,700
Total Assets
35,600
Total Liabilities & Equity
35,600
Update the balance sheet above to reflect the transactions
below, which occur on January 6, 2019
1. Borrow $55,000 from a bank
2. Buy $14,000...
Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...
Stuart Company
Balance Sheet
As of January 24, 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
Record the transactions in a journal, transfer the journal
entries to T-accounts, compute closing amounts for the T-accounts,
and construct a balance sheet to answer...
Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...
Stuart Company
Balance Sheet
As of January 24, 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
Record the transactions in a journal, transfer the journal
entries to T-accounts, compute closing amounts for the T-accounts,
and construct a balance sheet to answer...
Stuart Company Balance Sheet As of January 24, 2020 (amounts in thousands) Cash 8,400 Accounts Payable...
Stuart Company
Balance Sheet
As of January 24, 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
Record the transactions in a journal, transfer the journal
entries to T-accounts, compute closing amounts for the T-accounts,
and construct a balance sheet to answer...
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