Question

Acme Company Balance Sheet As of January 5, 2018 (amounts in thousands) Cash 14,100 Accounts Payable...

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. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit 6. Purchase equipment for $47,000 in cash 7. Pay $8,000 owed to a supplier 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

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Answer #1
Calculation of final amount in cash
Amount
Beginning cash balance $14,100
Add: 1. Cash received through the issue of stock $80
Add: 2. Cash received from the bank $65
Add: 3. Cash received from the customer $12
Less: 4. Cash paid to the supplier $6
Less: 6. Cash paid to purchase equipment $47
Less: 7. Cash paid to the supplier $8
Ending cash balance (final amount in cash) $14,196

.

Note: The 5th transaction is on credit. So there is no cash outflow.

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