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Debora [2.8K]
2 years ago
15

Cash Acme Company Balance Sheet As of January 5, 2021 (amounts in thousands) 13,700 Accounts Payable 3,200 Debt 5,100 Other Liab

ilities 15,400 Total Liabilities 2,000 Accounts Receivable 3,600 Inventory 900 6,500 Property Plant & Equipment Other Assets 800 Paid-In Capital Retained Earnings Total Equity 7,200 24,500 31,700 38,200 Total Assets 38,200 Total Liabilities & Equity
Update the balance sheet above to reflect the transactions below, which occur on January 6, 2021
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
What is the final amount in Accounts Payable?
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).
Business
1 answer:
IgorC [24]2 years ago
4 0

Answer:

Acme Company

1. Acme Company

Balance Sheet

As of January 6, 2021 (amounts in thousands)

Cash                                         13,819

Accounts Receivable                3,188

Inventory                                  5,100

Property Plant & Equipment 15,445

Other Assets                             800

Total Assets                         38,352  

Liabilities and Equity:

Accounts Payable                 2,000

Bank Payable                             67

Debt                                      3,600

Other Liabilities                      900

Total Liabilities                    6,567

Equity:

Paid-In Capital                     7,285

Retained Earnings            24,500

Total Equity                        31,785

Total Liabilities & Equity  38,352

2. The final amount in Accounts Payable remains $2,000,000, but the Bank Payable increased from zero to $67,000.

Explanation:

a) Data and Calculations:

Acme Company

Balance Sheet

As of January 5, 2021 (amounts in thousands)

Cash                                        13,700

Accounts Receivable              3,200

Inventory                                  5,100

Property Plant & Equipment 15,400

Other Assets                             800

Total Assets                         38,200  

Liabilities and Equity:

Accounts Payable                 2,000

Debt                                      3,600

Other Liabilities                      900

Total Liabilities                    6,500

Equity:

Paid-In Capital                     7,200

Retained Earnings            24,500

Total Equity                        31,700

Total Liabilities & Equity  38,200

Transaction Analysis:

1. Cash $12 Accounts receivable $12

2. Equipment $45 Cash $45

3. Cash $85 Paid-in Capital $85

4. Cash $67 Bank payable $67

Cash

Beginning balance    13,700

Accounts receivable        12

2. Equipment                 (45)

3. Paid-in Capital            85

4. Bank payable             67

Ending balance        13,819

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in times of rising prices, cost of goods sold determined using the lifo inventory assumption typically will be than cost of good
LenKa [72]

When prices are rising, the Cost of Goods Sold according to LIFO will be <u>higher </u>than cost of goods sold under FIFO.

Last-In, First-Out (LIFO) refers to a company selling off the latest inventory that it receives first before the inventory it received earlier.

When prices are rising, LIFO will result in a higher COGS because:

  • Purchases will be high
  • Closing stock will be low on account of only the earlier cheaper inventory being left

In conclusion, LIFO results in cost of goods sold being higher because the closing stock which is deducted from COGS will be lower.

<em>Find out more at brainly.com/question/16379786. </em>

3 0
2 years ago
Ray's Satellite Emporium wishes to determine the best order size for its best-selling satellite dish (model TS111). Ray has esti
sleet_krkn [62]

Answer:

economic order quantity =  19 units

Explanation:

given data

Annual Demand = 850 units

Cost of carrying = $65 per unit

Ordering Cost = $14

solution

we get here economic order quantity that is  

economic order quantity = \sqrt{\frac{2 * Annual Demand *Ordering Cost}{&#10;Cost of carrying}}    .....................1

put here value we get

economic order quantity = \sqrt{\frac{2*850*14}{65}}

economic order quantity = 19.13514

economic order quantity =  19 units

5 0
3 years ago
How can producers make the most profit? Check all that apply.
Ymorist [56]

Answer:

The answer is B, C, and E.

Explanation:

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4 0
3 years ago
On September 1, 2017, Hyde Corp., a newly formed company, had the following stock issued and outstanding:• Common stock, no par,
Pavel [41]

Answer:

Common Stock                                  5,000

Additional paid-in Common stock  70,000

Preferred Stock                                15,000

Additional paid-in Preferred stock 22,500

Explanation:

For the common and preferred stock accounts, we multiply the shares outstanding by the face value.

The additional paid-in will be the difference between the par value and the market price of the share at issuance.

<u>Common stock</u>

5,000 issued shares x $ 1 par value = 5,000

<u>Additional paid-in</u>

15 - 1 = 14 additional paid-in per share

5,000 shares x 14 = 70,000

<u>Preferred stock</u>

1,500 issued shares x $ 10 par value = 15,000

<u>Additional paid-on</u>

25 - 10 = 15 additional per share

1,500 x 15 = 22,500

3 0
3 years ago
Suppose that demand for a product is Q = 1200 − 4P and supply is Q = −240 + 2P. Furthermore, suppose that the marginal external
eimsori [14]

Answer: 16 units more than social optimum.

DWL = dead weight loss = (1/2)*(Q* - Q°) 12 =96

Explanation:

Q=1200 - 4P and Q=-240 + 2P

In a free market quantity demand =quantity supplied

1200 -4P = -240 +2P

P =240

Sub P

Q* = 240

Socially optimal quantity is

Marginal social benefit (MSC)= marginal social cost(MSC), including external damage =MEC

MPC= marginal private cost =inverse of supply function

MPC = (1/2)*Q + 120

MEC=12

MSC =(MPC +MEC) = (1/2)Q +120 +12

MSC= MPB where MPB is marginal private benefit = inverse of demand functn

MPB = 300 -(1/4)Q

(1/2)Q + 132 =300 - (1/4)Q

Q° = 224

Difference btw Q* & Q° = 16 units more than social optimum.

DWL = dead weight loss = (1/2)*(Q* - Q°) 12 =96

4 0
3 years ago
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