Use the starting balance sheet and statement of cash flows toanswer the question.
HopewellCorporation
Balance Sheet
As of December 31, 2017
(amounts in thousands) Cash 125,000 AccountsPayable 24,000 AccountsReceivable 36,000 Debt 37,000 Inventory 52,000 OtherLiabilities 30,000 Property Plant& Equipment, Gross 226,000 TotalLiabilities 91,000 AccumulatedDepreciation 59,000 Paid-InCapital 56,000 Property Plant& Equipment, Net 167,000 RetainedEarnings 239,000 OtherAssets 6,000 TotalEquity 295,000 TotalAssets 386,000 TotalLiabilities & Equity 386,000
HopewellCorporation
Statement of Cash Flows
January 1 to March 31, 2018
(amounts in thousands) Net Income 8,600 Depreciation 1,400 Decrease(Increase) in Accounts Receivable 400 Decrease(Increase) in Inventory (600) Increase(Decrease) in Accounts Payable (100) OtherAdjustments 0 Net CashFlow from Operating Activities 9,700 Purchase ofProperty, Plant, & Equipment (7,800) OtherAdjustments 0 Net CashFlow from Investing Activities (7,800) Increase(Decrease) in Debt 200 Dividends (700) OtherAdjustments 0 Net CashFlow from Financing Activities (500) Net CashFlow 1,400
What is the value for Total Assets on March 31,2018?
Please specify your answer in the same units as the financialstatements.
Use the starting balance sheet and statement of cash flows toanswer the question.
| HopewellCorporation Balance Sheet As of December 31, 2017 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 125,000 | AccountsPayable | 24,000 |
| AccountsReceivable | 36,000 | Debt | 37,000 |
| Inventory | 52,000 | OtherLiabilities | 30,000 |
| Property Plant& Equipment, Gross | 226,000 | TotalLiabilities | 91,000 |
| AccumulatedDepreciation | 59,000 | Paid-InCapital | 56,000 |
| Property Plant& Equipment, Net | 167,000 | RetainedEarnings | 239,000 |
| OtherAssets | 6,000 | TotalEquity | 295,000 |
| TotalAssets | 386,000 | TotalLiabilities & Equity | 386,000 |
| HopewellCorporation Statement of Cash Flows January 1 to March 31, 2018 (amounts in thousands) | |
|---|---|
| Net Income | 8,600 |
| Depreciation | 1,400 |
| Decrease(Increase) in Accounts Receivable | 400 |
| Decrease(Increase) in Inventory | (600) |
| Increase(Decrease) in Accounts Payable | (100) |
| OtherAdjustments | 0 |
| Net CashFlow from Operating Activities | 9,700 |
| Purchase ofProperty, Plant, & Equipment | (7,800) |
| OtherAdjustments | 0 |
| Net CashFlow from Investing Activities | (7,800) |
| Increase(Decrease) in Debt | 200 |
| Dividends | (700) |
| OtherAdjustments | 0 |
| Net CashFlow from Financing Activities | (500) |
| Net CashFlow | 1,400 |
What is the value for Total Assets on March 31,2018?
Please specify your answer in the same units as the financialstatements.
Related questions
Use the balance sheets and information provided about revenueand expenses to answer the question.
| GulfShipping Company Balance Sheet As of December 31, 2017 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 143,000 | AccountsPayable | 19,000 |
| AccountsReceivable | 41,000 | Debt | 32,000 |
| Inventory | 58,000 | OtherLiabilities | 40,000 |
| Property Plant& Equipment, Gross | 210,000 | TotalLiabilities | 91,000 |
| AccumulatedDepreciation | 62,000 | Paid-InCapital | 77,000 |
| Property Plant& Equipment, Net | 148,000 | RetainedEarnings | 229,000 |
| OtherAssets | 7,000 | TotalEquity | 306,000 |
| TotalAssets | 397,000 | TotalLiabilities & Equity | 397,000 |
| GulfShipping Company Balance Sheet As of March 31, 2018 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 145,000 | AccountsPayable | 24,000 |
| AccountsReceivable | 39,000 | Debt | 41,000 |
| Inventory | 65,000 | OtherLiabilities | 28,053 |
| Property Plant& Equipment, Gross | 210,000 | TotalLiabilities | 93,053 |
| AccumulatedDepreciation | 63,200 | Paid-InCapital | 77,000 |
| Property Plant& Equipment, Net | 146,800 | RetainedEarnings | 230,747 |
| OtherAssets | 5,000 | TotalEquity | 307,747 |
| TotalAssets | 400,800 | TotalLiabilities & Equity | 400,800 |
Revenue and expenses information from January 1 to March 31,2018 were:
Sales Revenue of $7,900,000
COGS of 20% of Sales
Interest of $100,000
Other Expenses of $300,000
SG&A of $1,580,000
Tax Rate of 38%
What is the net income in the first quarter of2018?
Please specify your answer in the same units as the balancesheets and round your answer to the nearest integer.
Use the balance sheets and information provided about revenueand expenses to answer the question.
| RustonCompany Balance Sheet As of December 31, 2017 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 90,000 | AccountsPayable | 12,000 |
| AccountsReceivable | 34,000 | Debt | 36,000 |
| Inventory | 51,000 | OtherLiabilities | 21,000 |
| Property Plant& Equipment, Gross | 230,000 | TotalLiabilities | 69,000 |
| AccumulatedDepreciation | 55,000 | Paid-InCapital | 59,000 |
| Property Plant& Equipment, Net | 175,000 | RetainedEarnings | 228,000 |
| Other Assets | 6,000 | TotalEquity | 287,000 |
| TotalAssets | 356,000 | TotalLiabilities & Equity | 356,000 |
| RustonCompany Balance Sheet As of March 31, 2018 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 88,000 | AccountsPayable | 15,000 |
| AccountsReceivable | 40,000 | Debt | 43,000 |
| Inventory | 41,000 | OtherLiabilities | 5,737 |
| Property Plant& Equipment, Gross | 230,000 | TotalLiabilities | 63,737 |
| AccumulatedDepreciation | 55,800 | Paid-InCapital | 59,000 |
| Property Plant& Equipment, Net | 174,200 | RetainedEarnings | 230,463 |
| Other Assets | 10,000 | TotalEquity | 289,463 |
| TotalAssets | 353,200 | TotalLiabilities & Equity | 353,200 |
Revenue and expenses information from January 1 to March 31,2018 were:
Sales Revenue of $8,700,000
COGS of 25% of Sales
Interest of $60,000
Other Expenses of $500,000
SG&A of $870,000
Tax Rate of 38%
What is the net income in the first quarter of2018?
Please specify your answer in the same units as the balancesheets and round your answer to the nearest integer.
| LightspeedIndustries Balance Sheet As of March 11, 2018 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 14,100 | AccountsPayable | 1,900 |
| AccountsReceivable | 3,200 | Debt | 3,600 |
| Inventory | 4,900 | OtherLiabilities | 2,000 |
| Property Plant& Equipment | 16,300 | TotalLiabilities | 7,500 |
| OtherAssets | 500 | Paid-InCapital | 7,200 |
| RetainedEarnings | 24,300 | ||
| TotalEquity | 31,500 | ||
| TotalAssets | 39,000 | TotalLiabilities & Equity | 39,000 |
Use T-accounts to record the transactions below, which occur onMarch 12, 2018, close the T-accounts, and construct a balance sheetto answer the question.
1. Issue $80,000 in stock
2. Borrow $65,000 from a bank
3. Receive payment of $12,000 owed by a customer
What is the final amount in Total Assets?
Please specify your answer in the same units as the balancesheet.
