Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023 1. Sell product for $35,000 with historical cost of $28,000 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).
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023 1. Sell product for $35,000 with historical cost of $28,000 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).
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 10P: Comprehensive: Balance Sheet from Statement of Cash Flows Mills Company prepared the following...
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Transcribed Image Text:Cash
Accounts Receivable
Inventory
Property Plant & Equipment
Other Assets
Total Assets
Acme Company
Balance Sheet
As of January 5, 2023
(amounts in thousands)
9,900 Accounts Payable
4,500 Debt
3,800 Other Liabilities
16,800 Total Liabilities
1,600 Paid-In Capital
Retained Earnings
Total Equity
36,600 Total Liabilities & Equity
2,700
3,500
1,000
7,200
8,000
21,400
29,400
36,600
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2023
1. Sell product for $35,000 with historical cost of $28,000
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).
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