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 6 months ago

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