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?
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?
Transcribed Image Text:Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
Acme Company
Balance Sheet
As of January 5, 2022
(amounts in thousands)
9,700 Accounts Payable
4,500 Debt
3,800 Other Liabilities
16,400 Total Liabilities
1,700 Paid-In Capital
Retained Earnings
Total Equity
36,100 Total Liabilities & Equity
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?
1,500
2,900
800
5,200
7,300
23,600
30,900
36,100
Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.
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