Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart Company Balance Sheet As of December 31, 2018 (amounts in thousands) 84,000 Accounts Payable 47,000 Debt 42,000 Other Liabilities Cash 28,000 Accounts Receivable Inventory 34,000 9,000 Property Plant & Equipment, Gross 243,000 Total Liabilities 71,000 Accumulated Depreciation 71,000 Paid-In Capital 67,000 Property Plant & Equipment, Net Other Assets 172,000 Retained Earnings 235,000 28,000 Total Equity 302,000 Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Balance Sheet As of March 31, 2019 (amounts in thousands) Cash 87,000 Accounts Payable 19,000 44,000 Debt 50,000 Other Liabilities Accounts Receivable 28,000 Inventory 29,300 Property Plant & Equipment, Gross 243,000 Total Liabilities 76,300 Accumulated Depreciation 72,100 Paid-In Capital 67,000 Property Plant & Equipment, Net Other Assets Total Assets 170,900 Retained Earnings 235,600 27,000 Total Equity 302,600 378,900 Total Liabilities & Equity 378,900 Revenue and expenses information from January 1 to March 31, 2019 were: Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SGSA of $1,260,000 Tax Rate of 35% What is the net income in the first quarter of 2019? Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer. Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart Company Balance Sheet As of December 31, 2018 (amounts in thousands) 84,000 Accounts Payable 47,000 Debt 42,000 Other Liabilities Cash 28,000 Accounts Receivable Inventory 34,000 9,000 Property Plant & Equipment, Gross 243,000 Total Liabilities 71,000 Accumulated Depreciation 71,000 Paid-In Capital 67,000 Property Plant & Equipment, Net Other Assets 172,000 Retained Earnings 235,000 28,000 Total Equity 302,000 Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Balance Sheet As of March 31, 2019 (amounts in thousands) Cash 87,000 Accounts Payable 19,000 44,000 Debt 50,000 Other Liabilities Accounts Receivable 28,000 Inventory 29,300 Property Plant & Equipment, Gross 243,000 Total Liabilities 76,300 Accumulated Depreciation 72,100 Paid-In Capital 67,000 Property Plant & Equipment, Net Other Assets Total Assets 170,900 Retained Earnings 235,600 27,000 Total Equity 302,600 378,900 Total Liabilities & Equity 378,900 Revenue and expenses information from January 1 to March 31, 2019 were: Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SGSA of $1,260,000 Tax Rate of 35% What is the net income in the first quarter of 2019? Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer.
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The Sunshine Cash Cow Co Balance Sheet as of December 31 2019 2020 Assets Cash $ 1900 $ 3644 Accounts receivable (net) 3400 3240 Marketable securities (at cost) 2300 4400 Allowance for change in...
-
Information for Gifford, Inc., as of December 31 follows: Administrative salaries $ 35,000 Depreciation of factory equipment 25,000 Depreciation of delivery vehicles 6,000 Direct labor 68,000 Factory...
-
An air parcel starting at the surface (0 km) is lifted up a 3 km high mountain over to the surface (0 km) on the other side. The initial temperature is 20C and initially e is 6 mb. How does the...
-
Calculate the indirect quotations for Euros and Kronor.
-
Consider the master schedule record shown in problem 3. Suppose the production manager calls and says that only 600 units will be nished in week 6, not the 700 units originally called for....
-
Todays retailers look to the future, as they must deal with new strategic choices. What are the key areas they need to address, and why?
-
The Smith Company owns no plant assets and had the following income statement for the year: Additional information about the company includes: Use the preceding information to calculate the cash flow...
-
Refer to the information for Drew Company above. On December 31, 2011, Drew Company issued $350,000, five-year bonds for $320,000. The stated rate of interest was 7 percent and interest is paid...
-
Analytical Criteria's: 1. Job Positions and specialized SCM field/area targeted in 0 - 5 years, 6 -10 years and 11- 15 years and strong reasons that includes resources and commitment to assure to...
-
Hilltop Coffee manufactures a coffee product by blending three types of coffee beans. The cost per pound and the available pounds of each bean are as follows: Consumer tests with coffee products were...
-
maintenance 2. The following table illustrates a sample of task times observations. Use the information in the table to calculate your responses for each of the questions. 74.66 75.40 47.18 59.63...
-
Comment on Russ Roberts' video on "The Wonderful Loaf". 1. Are you surprised that we need on central direction form government for the market to work? Think about your local grocery store. You don't...
-
1.) List and briefly characterize the main tools of government intervention in the international trade. Which is the most efficient and for whom? Reference your sources using the Harvard referencing...
-
Identify the type(s) of symmetry: x 2 + xy +y 2 = 0.
-
Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $610,000 (cost of $500,000). The terms are net 30. If Danone pays within...
-
The use of the term "voting with your feet" is related, but also different across the "Here's how Flint went from boom town to nation's highest poverty rate", "Yvette McGee Brown on refusing to rise...
-
Using Abdomen Circumference to Predict Body Fat Figure2.74shows the data and regression line for using abdomen circumference to predict body fat percentage. Figure2.74 Using abdomen circumference to...
-
Marc Company assembles products from a group of interconnecting parts. The company produces some of the parts and buys some from outside vendors. The vendor for Part X has just increased its price by...
-
Wallace Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Derek Wallace, president. Of the remainder, 10% is held by members of his family and 10% by Kathy...
-
Identify the five components that comprise pension expense. Briefly explain the nature of each component.
-
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2013, with the following beginning balances: plan assets $200,000; projected benefit obligation...
-
The stockholders' equity of Carly Corporation at January 1 follows: The following transactions, among others, occurred during the year: June 18 Declared a 70 percent stock dividend on all outstanding...
-
The stockholders' equity of Black Corporation at January 1 follows: The following transactions, among others, occurred during the year: Jan. 1 Announced a 4-for-1 common stock split, reducing the par...
-
Using your analysis from P11-8A, prepare the stockholders' equity section of the Black Corporation's balance sheet. Problem P11-8A The stockholders' equity of Black Corporation at January 1 follows:...
Study smarter with the SolutionInn App