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 1

• Final amount of only ‘Cash’ is asked
• Working and answer

Balance of Cash on Jan 5, 2018	$            14,100.00
1. Paid to Supplier	$            (4,000.00)
2. Received from Customer	$            11,000.00
Final Amount of Cash	$            21,100.00

• Answer =$ 21,100 (thousands)