Use the starting balance sheet, income statement, and the list of changes to answer the question. Valley
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Question:
Use the starting balance sheet, income statement, and the list of changes to answer the question.
Valley Technology Balance Sheet As of December 31, 2019 (amounts in thousands) | |||
---|---|---|---|
Cash | 22,000 | Liabilities | 36,000 |
Other Assets | 28,000 | Equity | 14,000 |
Total Assets | 50,000 | Total Liabilities & Equity | 50,000 |
Valley Technology Income Statement January 1 to March 31, 2020 (amounts in thousands) | |
---|---|
Revenue | 7,200 |
Expenses | 3,600 |
Net Income | 3,600 |
Between January 1 and March 31, 2020:
1. Cash decreases by $200,000
2. Liabilities decrease by $100,000
3. Paid-In Capital does not change
4. Dividends paid of $400,000
What is the value for Other Assets on March 31, 2020?
Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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