Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart...
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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.
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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