Acme Company | |||
Balance Sheet | |||
As of January 5, 2021 | |||
(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, 2021 |
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 |
5. Buy $17,000 worth of manufacturing supplies on credit |
6. Pay $7,000 owed to a supplier |
7. Receive payment of $11,000 owed by a customer |
What is the final amount in Accounts Payable? |
| Final Accounts payable | |
| Accounts payable beginning | $2,000 |
| Add: Purchase of supplies | $17,000 |
| Less: Payments to suppliers | ($7,000) |
| Balance of Accounts payable | $12,000 |
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. Receive payment of $12,000 owed by a customer...
Acme Company Balance Sheet As of January 5, 2020 (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, 2020 1. Receive payment of $12,000 owed by a customer...
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...
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...
Nippon Technology Balance Sheet As of January 24, 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 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer...
Nippon Technology Balance Sheet As of March 11, 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 Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question....
Nippon Technology Balance Sheet As of January 24, 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 Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer...
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...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 8,400 Accounts Payable 2,800 Accounts Receivable 4,700 Debt 3,400 Inventory 4,200 Other Liabilities 900 Property Plant & Equipment 17,200 Total Liabilities 7,100 Other Assets 2,800 Paid-In Capital 6,700 Retained Earnings 23,500 Total Equity 30,200 Total Assets 37,300 Total Liabilities & Equity 37,300 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2019 1. Borrow $52,000 from a bank 2. Purchase equipment...
Acme Company Balance Sheet As of January 5, 2019 (amounts in thousands) Cash 14,700 Accounts Payable 2,400 Accounts Receivable 4,800 Debt 3,700 Inventory 3,800 Other Liabilities 5,000 Property Plant & Equipment 15,800 Total Liabilities 11,100 Other Assets 900 Paid-In Capital 6,000 Retained Earnings 22,900 Total Equity 28,900 Total Assets 40,000 Total Liabilities & Equity 40,000 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...