Question

Post-Quiz Q: Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash Accounts Receivable 9,900 Accounts Payable 4,500 Debt 3,800 Other Liabilities 16,800 Total Liabilities Inventory Property Plant & Equipment Other Assets 2,700 3,500 1,000 7,200 8,000 21,400 29,400 36,600 1,600 Paid-In Capital Retained Earnings Total Equity 36,600 Total Liabilities & Equity Total Assets Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Pay $4,000 owed to a supplier 2. Issue $90,000 in stock 3. Buy $16,000 worth of manufacturing supplies on credit 4. Purchase equipment for $49,000 in cash 5. Borrow $65,000 from a bank 6. Receive payment of $10,000 owed by a customer 7. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Inventory? 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).

Answer 1

Correct answer------------$3,833

Amount $3833 is in thousand.

Working

	($ in thousand)
Beginning balance in inventory	$        3,800
Transaction 1
Transaction 2
Transaction 3	$              16
Transaction 4
Transaction 5
Transaction 6
Transaction 7	$              17
Ending inventory balance	$        3,833

Only transaction 3 and 7 affects inventory