Question

Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 9,900 Accounts Payable...

Acme Company
Balance Sheet
As of January 5, 2020
(amounts in thousands)
Cash 9,900 Accounts Payable 2,700
Accounts Receivable 4,500 Debt 3,500
Inventory 3,800 Other Liabilities 1,000
Property Plant & Equipment 16,800 Total Liabilities 7,200
Other Assets 1,600 Paid-In Capital 8,000
Retained Earnings 21,400
Total Equity 29,400
Total Assets 36,600 Total Liabilities & Equity 36,600

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

What is the final amount in Inventory?

Homework Answers

Answer #1

Final Amount of Inventory = $ 3,816

Working:

Acme Company
Balance sheet
As on January 6, 2020
[amounts in thousands]
Cash [9900-4+90-49] $    9,937 Account Payable [2700-4+16] $    2,712
Accounts Receivable $    4,500 Debt $    3,500
Inventory [3800+16] $    3,816 Other Liabilities $    1,000
Property,plant, and equipment: [16800+49] $ 16,849 Total Liabilities $    7,212
Other Assets $    1,600 Paid-In Capital [8000+90] $    8,090
Retained Earnings $ 21,400
Total Equity $ 29,490
Total Assets $ 36,702 Total Liabilities & Equity $ 36,702
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