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September 16th, 2019

Balance Sheet 2 Q1

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Update the balance sheet above to reflect the transactions below, which occur on January 6, 2018

1. Borrow $52,000 from a bank

2. Purchase equipment for $48,000 in cash

What is the final amount in Cash?

Please specify your answer in the same units as the balance sheet.

Acme Company*Balance SheetAS Of January 5, 2018( amounts in thousands)Cash8 , 400| Accounts Payable*2, 800Accounts Receivable*4, 700| Debt3 , 400Inventory4, 200| Other Liabilities900Property Plant & Equipment*17, 200| Total Liabilities7, 100Other Assets2, 800| Paid – In Capital6, 700Retained Earnings23, 500Total Equity30 , 200Total Assets37, 300| Total Liabilities & Equity*37 , 300

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