Revenue and expenses information from January 1 to March 31, 2024 were: Sales Revenue of $6,400,000 COGS of 40% of Sales Interest of $130,000 Other Expenses of $600,000 SG&A of $640,000 Tax Rate of 38% What is the net income in the first quarter of 2024? Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Round the income taxes amount to the nearest integer when you apply the tax rate. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement). Use the balance sheets and information provided about revenue and expenses to answer the question. Hopewell Corporation Balance Sheet As of December 31, 2023 (amounts in thousands) Cash 125,000 Accounts Payable 24,000 Accounts Receivable 36,000 Debt 37,000 Inventory 52,000 Other Liabilities 30,000 Property Plant & Equipment, Gross 226,000 Total Liabilities 91,000 Accumulated Depreciation 59,000 Paid-In Capital 56,000 Property Plant & Equipment, Net 167,000 Retained Earnings 239,000 Other Assets 6,000 Total Equity 295,000 Total Assets 386,000 Total Liabilities & Equity 386,000 Hopewell Corporation Balance Sheet As of March 31, 2024 (amounts in thousands) Cash 130,000 Accounts Payable 23,000 Accounts Receivable 32,000 Debt 39,000 Inventory 58,000 Other Liabilities 35,227 Property Plant & Equipment, Gross 226,000 Total Liabilities 97,227 Accumulated Depreciation 59,900 Paid-In Capital 56,000 Property Plant & Equipment, Net 166, 100 Retained Earnings 239,873 Other Assets 7,000 Total Equity 295,873 Total Assets 393,100 Total Liabilities & Equity 393,100 Revenue and expenses information from January 1 to March 31, 2024 were: Sales Revenue of $6,400,000 COGS of 40% of Sales Interest of $130,000 Other Expenses of $600,000 SG&A of $640,000 Tax Rate of 38%
Revenue and expenses information from January 1 to March 31, 2024 were: Sales Revenue of $6,400,000 COGS of 40% of Sales Interest of $130,000 Other Expenses of $600,000 SG&A of $640,000 Tax Rate of 38% What is the net income in the first quarter of 2024? Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Round the income taxes amount to the nearest integer when you apply the tax rate. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement). Use the balance sheets and information provided about revenue and expenses to answer the question. Hopewell Corporation Balance Sheet As of December 31, 2023 (amounts in thousands) Cash 125,000 Accounts Payable 24,000 Accounts Receivable 36,000 Debt 37,000 Inventory 52,000 Other Liabilities 30,000 Property Plant & Equipment, Gross 226,000 Total Liabilities 91,000 Accumulated Depreciation 59,000 Paid-In Capital 56,000 Property Plant & Equipment, Net 167,000 Retained Earnings 239,000 Other Assets 6,000 Total Equity 295,000 Total Assets 386,000 Total Liabilities & Equity 386,000 Hopewell Corporation Balance Sheet As of March 31, 2024 (amounts in thousands) Cash 130,000 Accounts Payable 23,000 Accounts Receivable 32,000 Debt 39,000 Inventory 58,000 Other Liabilities 35,227 Property Plant & Equipment, Gross 226,000 Total Liabilities 97,227 Accumulated Depreciation 59,900 Paid-In Capital 56,000 Property Plant & Equipment, Net 166, 100 Retained Earnings 239,873 Other Assets 7,000 Total Equity 295,873 Total Assets 393,100 Total Liabilities & Equity 393,100 Revenue and expenses information from January 1 to March 31, 2024 were: Sales Revenue of $6,400,000 COGS of 40% of Sales Interest of $130,000 Other Expenses of $600,000 SG&A of $640,000 Tax Rate of 38%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Revenue and expenses information from January 1 to March 31, 2024 were:
Sales Revenue of $6,400,000
COGS of 40% of Sales
Interest of $130,000
Other Expenses of $600,000
SG&A of $640,000
Tax Rate of 38%
What is the net income in the first quarter of 2024?
Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars.
Round the income taxes amount to the nearest integer when you apply the tax rate.
Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement).
Transcribed Image Text:Use the balance sheets and information provided about revenue and expenses to answer the question.
Hopewell Corporation
Balance Sheet
As of December 31, 2023
(amounts in thousands)
Cash 125,000 Accounts Payable 24,000
Accounts Receivable 36,000 Debt 37,000
Inventory 52,000 Other Liabilities 30,000
Property Plant & Equipment, Gross 226,000 Total Liabilities 91,000
Accumulated Depreciation 59,000 Paid-In Capital 56,000
Property Plant & Equipment, Net 167,000 Retained Earnings 239,000
Other Assets 6,000 Total Equity 295,000
Total Assets 386,000 Total Liabilities & Equity 386,000
Hopewell Corporation
Balance Sheet
As of March 31, 2024
(amounts in thousands)
Cash 130,000 Accounts Payable 23,000
Accounts Receivable 32,000 Debt 39,000
Inventory 58,000 Other Liabilities 35,227
Property Plant & Equipment, Gross 226,000 Total Liabilities 97,227
Accumulated Depreciation 59,900 Paid-In Capital 56,000
Property Plant & Equipment, Net 166, 100 Retained Earnings 239,873
Other Assets 7,000 Total Equity 295,873
Total Assets 393,100 Total Liabilities & Equity 393,100
Revenue and expenses information from January 1 to March 31, 2024 were:
Sales Revenue of $6,400,000
COGS of 40% of Sales
Interest of $130,000
Other Expenses of $600,000
SG&A of $640,000
Tax Rate of 38%
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