What is the final amount in retained earnings CashAccounts ReceivableInventoryProperty Plant & EquipmentOther AssetsTotal AssetsAcme CompanyBalance SheetAs of January 5, 2022(amounts in thousands)9,700 Accounts Payable4,500 Debt3,800 Other Liabilities16,400 Total Liabilities1,700 Paid-In CapitalRetained EarningsTotal Equity36,100 Total Liabilities & EquityUpdate the balance sheet above to reflect the transactions below, which occur onJanuary 6, 20221. Sell product for $20,000 with historical cost of $16,000What is the final amount in Retained Earnings?1,5002,9008005,2007,30023,60030,90036,100

The question is based on the concept of financial accounting.

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022 1. Sell product for $20,000 with historical cost of $16,000 What is the final amount in Retained Earnings?

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022 1. Sell product for $20,000 with historical cost of $16,000 What is the final amount in Retained Earnings?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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