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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What is the final amount in
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8ecc93b-9d25-4714-8346-a445e4cadac5%2Fef154efd-4d63-48f5-a2ad-49903f60cc76%2Fs3qso77_processed.png&w=3840&q=75)
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
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