Question

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
5. Issue $75,000 in stock
6. Purchase equipment for $44,000 in cash
7. Receive payment of $13,000 owed by a customer

What is the final amount in Cash?

Please specify your answer in the same units as the balance sheet.

Answer 1

Answer:

$9,000 Cash (amounts in thousands) Cash beginning balance Cash receipts: Bank borrowings Collections from customer [12,000+13,000] Issuance of stock Cash payments: Payment to suppliers Purchase of equipment Final amount in Cash $55,000 $25,000 $75,000 ($7,000) ($44,000) $113,000