Please do not give solution in image format thanku CashValley TechnologyBalance SheetAs of December 31, 2018(amounts in thousands)Accounts ReceivableInventoryProperty Plant & Equipment, GrossAccumulated DepreciationProperty Plant & Equipment, NetOther AssetsTotal AssetsCashValley TechnologyBalance SheetAs of March 31, 2019(amounts in thousands)Accounts Receivable97,000Property Plant & Equipment, NetOther Assets45,000Total Assets38,000239,00075,000164,00017,00046,000Inventory33,000Property Plant & Equipment, Gross 239,000Accumulated DepreciationTotal LiabilitiesPaid-In CapitalRetained EarningsTotal Equity309,000361,000 Total Liabilities & Equity 361,000Accounts Payable101,000 Accounts Payable76,000DebtOther LiabilitiesTotal LiabilitiesPaid-In CapitalRetained EarningsTotal Equity361,000 Total Liabilities & EquityRevenue and expenses information from January 1 to March 31, 2019 were:Sales Revenue of $8,800,000COGS of 35% of Sales163,000Other Liabilities18,000Debt15,000Interest of $80,000Other Expenses of $200,000SG&A of $1,760,000Tax Rate of 36%What is the net income in the first quarter of 2019?29,0008,00052,00073,000236,0007,00019,00024,48550,48573,000237,515310,515361,000

INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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