Question

Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands)
Cash	14,100	Accounts Payable	1,900
Accounts Receivable	3,200	Debt	3,600
Inventory	4,900	Other Liabilities	2,000
Property Plant & Equipment	16,300	Total Liabilities	7,500
Other Assets	500	Paid-In Capital	7,200
		Retained Earnings	24,300
		Total Equity	31,500
Total Assets	39,000	Total Liabilities & Equity	39,000

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018

1. Pay $4,000 owed to a supplier
2. Receive payment of $11,000 owed by a customer

What is the final amount in Cash?

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

Answer

Save your answer

Show navigation tips

Answer 1

Solution:

Acme Company Balance Sheet As of January 6, 2018 (amounts in thousands)
Cash ($14,100 + $11 - $4)	$14,107.00	Accounts Payable ($1,900 - $4)	$1,896.00
Accounts Receivable ($3,200 - $11)	$3,189.00	Debt	$3,600.00
Inventory	$4,900.00	Other Liabilities	$2,000.00
Property Plant & Equipment	$16,300.00	Total Liabilities	$7,496.00
Other Assets	$500.00	Paid-In Capital	$7,200.00
		Retained Earnings	$24,300.00
		Total Equity	$31,500.00
Total Assets	$38,996.00	Total Liabilities & Equity	$38,996.00

Final amount of cash = $3,189 thousand