Question - These are accounting and finance questions that I need help with.
Part A -
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Acme Company Balance Sheet As of January 5, 2017 (amounts in thousands)
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Cash
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13,700
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Accounts Payable
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2,000
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Accounts Receivable
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3,200
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Debt
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3,600
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Inventory
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5,100
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Other Liabilities
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900
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Property Plant & Equipment
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15,400
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Total Liabilities
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6,500
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Other Assets
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800
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Paid-In Capital
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7,200
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Retained Earnings
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24,500
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Total Equity
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31,700
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Total Assets
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38,200
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Total Liabilities & Equity
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38,200
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Update the balance sheet above to reflect the transactions below, which occur on January 6, 2017
1. Receive payment of $12,000 owed by a customer
2. Purchase equipment for $45,000 in cash
3. Issue $85,000 in stock
4. Borrow $67,000 from a bank
5. Buy $17,000 worth of manufacturing supplies on credit
6. Pay $7,000 owed to a supplier
7. Receive payment of $11,000 owed by a customer
Required - What is the final amount in Accounts Payable? Please specify your answer in the same units as line balance sheet.
Part B -
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Acme Company Balance Sheet As of January 5, 2017 (amounts in thousands)
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Cash
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9,900
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Accounts Payable
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2,700
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Accounts Receivable
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4,500
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Debt
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3,500
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Inventory
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3,800
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Other Liabilities
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1,000
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Property Plant & Equipment
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16,800
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Total Liabilities
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7,200
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Other Assets
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1,600
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Paid-In Capital
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8,000
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Retained Earnings
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21,400
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Total Equity
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29,400
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Total Assets
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36,600
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Total Liabilities & Equity
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36,600
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Update the balance sheet above to reflect the transactions below, which occur on January 6, 2017
1. Sell product for $35,000 with historical cost of $28,000
Required - What is the final amount in Retained Earnings? Please specify your answer in the same units as line balance sheet.