| Acme Company Balance Sheet As of January 5, 2019 (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, 2019
1. Receive payment of $12,000 owed by a customer
2. Purchase equipment for $45,000 in cash
3. Issue $85,000 in stock
4. Borrow $67,000 from a bank
What is the final amount in Accounts Payable?
Transaction 1. increases cash and reduces accounts receivable.
Transaction 2. increases property plant and equipment and reduce cash.
Transaction 3. increases cash and paid in capital.
Transaction 4. increases cash and debt.
The above transactions have no effect on accounts payable.
Accounts payable = $2,000
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 13,700 Accounts Payable...
Acme Company Balance Sheet As of January 5, 2019 (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, 2019 1. Sell product for $40,000 with historical cost of...
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Acme Company Balance Sheet As of January 5, 2019 (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, 2019 1. Sell product for $40,000 with historical cost of...
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