Valley Technology Balance Sheet As of December 31, 2018 (amounts in thousands) Cash Accounts Receivable 45,000 Inventory 38,000 Property Plant & Equipment, Gross 239,000 Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Valley Technology Balance Sheet Cash As of March 31, 2019 (amounts in thousands) 97,000 Total Assets 101,000 Accounts Payable Accounts Receivable 46,000 Inventory 33,000 Property Plant & Equipment, Gross 239,000 Accumulated Depreciation Property Plant & Equipment, Net Other Assets Accounts Payable Debt Other Liabilities Total Liabilities 52,000 75,000 Paid-In Capital 73,000 164,000 Retained Earnings 236,000 17,000 Total Equity 309,000 361,000 Total Liabilities & Equity 361,000 76,000 Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings 163,000 18,000 Total Equity 15,000 Revenue and expenses information from January 1 to March 31 2019 were: 29,000 8,000 7,000 19,000 24,485 50,485 73,000 237,515 310,515 361,000 Total Liabilities & Equity 361,000
Valley Technology Balance Sheet As of December 31, 2018 (amounts in thousands) Cash Accounts Receivable 45,000 Inventory 38,000 Property Plant & Equipment, Gross 239,000 Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Valley Technology Balance Sheet Cash As of March 31, 2019 (amounts in thousands) 97,000 Total Assets 101,000 Accounts Payable Accounts Receivable 46,000 Inventory 33,000 Property Plant & Equipment, Gross 239,000 Accumulated Depreciation Property Plant & Equipment, Net Other Assets Accounts Payable Debt Other Liabilities Total Liabilities 52,000 75,000 Paid-In Capital 73,000 164,000 Retained Earnings 236,000 17,000 Total Equity 309,000 361,000 Total Liabilities & Equity 361,000 76,000 Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings 163,000 18,000 Total Equity 15,000 Revenue and expenses information from January 1 to March 31 2019 were: 29,000 8,000 7,000 19,000 24,485 50,485 73,000 237,515 310,515 361,000 Total Liabilities & Equity 361,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku

Transcribed Image Text:Cash
Valley Technology
Balance Sheet
As of December 31, 2018
(amounts in thousands)
Accounts Receivable
Inventory
Property Plant & Equipment, Gross
Accumulated Depreciation
Property Plant & Equipment, Net
Other Assets
Total Assets
Cash
Valley Technology
Balance Sheet
As of March 31, 2019
(amounts in thousands)
Accounts Receivable
97,000
Property Plant & Equipment, Net
Other Assets
45,000
Total Assets
38,000
239,000
75,000
164,000
17,000
46,000
Inventory
33,000
Property Plant & Equipment, Gross 239,000
Accumulated Depreciation
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
309,000
361,000 Total Liabilities & Equity 361,000
Accounts Payable
101,000 Accounts Payable
76,000
Debt
Other Liabilities
Total Liabilities
Paid-In Capital
Retained Earnings
Total Equity
361,000 Total Liabilities & Equity
Revenue and expenses information from January 1 to March 31, 2019 were:
Sales Revenue of $8,800,000
COGS of 35% of Sales
163,000
Other Liabilities
18,000
Debt
15,000
Interest of $80,000
Other Expenses of $200,000
SG&A of $1,760,000
Tax Rate of 36%
What is the net income in the first quarter of 2019?
29,000
8,000
52,000
73,000
236,000
7,000
19,000
24,485
50,485
73,000
237,515
310,515
361,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education