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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 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?

Solutions

Expert Solution

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

ekkarill92 answered 1 year ago
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