Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Acme Company Balance Sheet As of January 5, 2023 (amounts in thousands) 9,100 Accounts Payable 4,400 Debt 4,800 Other Liabilities 15,600 Total Liabilities 2,600 Paid-In Capital Retained Earnings Total Equity 36,500 Total Liabilities & Equity 1,900 2,400 600 4,900 6,900 24,700 31,600 36,500 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023 1. Sell product for $25,000 with historical cost of $20,000 2. Sell product for $30,000 with historical cost of $24,000 3. Sell product for $40,000 with historical cost of $32,000 What is the final amount in Retained Earnings? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Total Assets Acme Company Balance Sheet As of January 5, 2023 (amounts in thousands) 9,100 Accounts Payable 4,400 Debt 4,800 Other Liabilities 15,600 Total Liabilities 2,600 Paid-In Capital Retained Earnings Total Equity 36,500 Total Liabilities & Equity 1,900 2,400 600 4,900 6,900 24,700 31,600 36,500 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023 1. Sell product for $25,000 with historical cost of $20,000 2. Sell product for $30,000 with historical cost of $24,000 3. Sell product for $40,000 with historical cost of $32,000 What is the final amount in Retained Earnings? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

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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