Revenue and expenses information from January 1 to March 31, 2023 were: Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SG&A of $1,260,000 Tax Rate of 35% What is the net income in the first quarter of 2023?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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, 2022
(amounts in thousands)
Cash
Accounts Receivable
Inventory
Property Plant & Equipment, Gross 243,000
71,000
Accumulated Depreciation
71,000
67,000
Property Plant & Equipment, Net 172,000
235,000
28,000
302,000
Other Assets
Total Assets
373,000 Total Liabilities & Equity 373,000
Stuart Company
Balance Sheet
As of March 31, 2023
(amounts in thousands)
Cash
84,000 Accounts Payable
47,000
42,000
Accounts Receivable
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
87,000
44,000
Accounts Payable
Debt
Other Liabilities
Total Liabilities
19,000
28,000
Inventory
50,000
29,300
Property Plant & Equipment, Gross 243,000
76,300
Accumulated Depreciation
72,100
67,000
Property Plant & Equipment, Net 170,900
235,600
Other Assets
27,000
302,600
Total Assets
378,900 Total Liabilities & Equity 378,900
28,000
34,000
9,000
Paid-In Capital
Retained Earnings
Total Equity
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, 2022 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross 243,000 71,000 Accumulated Depreciation 71,000 67,000 Property Plant & Equipment, Net 172,000 235,000 28,000 302,000 Other Assets Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Balance Sheet As of March 31, 2023 (amounts in thousands) Cash 84,000 Accounts Payable 47,000 42,000 Accounts Receivable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity 87,000 44,000 Accounts Payable Debt Other Liabilities Total Liabilities 19,000 28,000 Inventory 50,000 29,300 Property Plant & Equipment, Gross 243,000 76,300 Accumulated Depreciation 72,100 67,000 Property Plant & Equipment, Net 170,900 235,600 Other Assets 27,000 302,600 Total Assets 378,900 Total Liabilities & Equity 378,900 28,000 34,000 9,000 Paid-In Capital Retained Earnings Total Equity
Revenue and expenses information from January 1 to March 31, 2023 were:
Sales Revenue of $6,300,000
COGS of 35% of Sales
Interest of $150,000
Other Expenses of $200,000
SG&A of $1,260,000
Tax Rate of 35%
What is the net income in the first quarter of 2023?
Transcribed Image Text:Revenue and expenses information from January 1 to March 31, 2023 were: Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SG&A of $1,260,000 Tax Rate of 35% What is the net income in the first quarter of 2023?
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