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Statement Connections 1. Use the starting balance sheet, income statement, and the list of changes to answer the question. Dansko Integrated Balance Sheet As of December 31, 2018 (amounts in thousands) Cash 29,000 Liabilities 33,000 Other Assets 26,000 Equity 22,000 Total Assets 55,000 Total Liabilities & Equity 55,000 Dansko Integrated Income Statement January 1 to March 31, 2019 (amounts in thousands) Revenue 7,100 Expenses 2,800 Net Income 4,300 Between January 1 and March 31, 2019: 1. Cash increases by $200,000 2. Other Assets decrease by $100,000 3. Paid-In Capital does not change 4. Dividends paid of $200,000 What is the value for Liabilities on March 31, 2019? Please specify your answer in the same units as the financial statements. 2. Use the income statement and the list of changes to answer the question. Siam Traders Income Statement January 1 to December 31, 2018 (amounts in thousands) Revenue 7,800 Cost of Goods Sold (COGS) 1,560 Gross Income 6,240 Sales, General, & Administrative Expenses (SG&A) 780 Depreciation Expense 1,200 Other Expenses 300 Earnings Before Interest & Taxes (EBIT) 3,960 Interest 60 Pre-Tax Income 3,900 Income Taxes 1,560 Net Income 2,340 Between January 1 and December 31, 2018: 1. Accounts Receivable increase by $100,000 2. Accounts Payable increase by $600,000 3. Gross Property, Plant, & Equipment increase by $8,300,000 4. Long Term Debt decreases by $700,000 Assume no other changes What is the Net Cash Flow? Please specify your answer in the same units as the income statement. 3. Use the starting balance sheet and statement of cash flows to answer the question. Stuart Company Balance Sheet As of December 31, 2018 (amounts in thousands) Cash 84,000 Accounts Payable 28,000 Accounts Receivable 47,000 Debt 34,000 Inventory 42,000 Other Liabilities 9,000 Property Plant & Equipment, Gross 243,000 Total Liabilities 71,000 Accumulated Depreciation 71,000 Paid-In Capital 67,000 Property Plant & Equipment, Net 172,000 Retained Earnings 235,000 Other Assets 28,000 Total Equity 302,000 Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Statement of Cash Flows January 1 to March 31, 2019 (amounts in thousands) Net Income 7,700 Depreciation 1,700 Decrease (Increase) in Accounts Receivable 300 Decrease (Increase) in Inventory (800) Increase (Decrease) in Accounts Payable (900) Other Adjustments 0 Net Cash Flow from Operating Activities 8,000 Purchase of Property, Plant, & Equipment (7,500) Other Adjustments 0 Net Cash Flow from Investing Activities (7,500) Increase (Decrease) in Debt (600) Dividends (800) Other Adjustments 0 Net Cash Flow from Financing Activities (1,400) Net Cash Flow (900) What is the value for Total Liabilities & Equity on March 31, 2019? Please specify your answer in the same units as the financial statements. 4. Use the balance sheets and information provided about revenue and expenses to answer the question. Nippon Technology Balance Sheet As of December 31, 2018 (amounts in thousands) Cash 137,000 Accounts Payable 20,000 Accounts Receivable 32,000 Debt 36,000 Inventory 51,000 Other Liabilities 9,000 Property Plant & Equipment, Gross 227,000 Total Liabilities 65,000 Accumulated Depreciation 73,000 Paid-In Capital 72,000 Property Plant & Equipment, Net 154,000 Retained Earnings 245,000 Other Assets 8,000 Total Equity 317,000 Total Assets 382,000 Total Liabilities & Equity 382,000 Nippon Technology Balance Sheet As of March 31, 2019 (amounts in thousands) Cash 140,000 Accounts Payable 28,000 Accounts Receivable 26,000 Debt 32,000 Inventory 56,000 Other Liabilities 8,670 Property Plant & Equipment, Gross 227,000 Total Liabilities 68,670 Accumulated Depreciation 73,800 Paid-In Capital 72,000 Property Plant & Equipment, Net 153,200 Retained Earnings 246,530 Other Assets 12,000 Total Equity 318,530 Total Assets 387,200 Total Liabilities & Equity 387,200 Revenue and expenses information from January 1 to March 31, 2019 were: Sales Revenue of $7,900,000 COGS of 40% of Sales Interest of $80,000 Other Expenses of $600,000 SG&A of $790,000 Tax Rate of 34% What is the net income in the first quarter of 2019? Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer. T Accounts: 1. Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Receivable is $3,200 The starting balance of Cash is $13,700 The starting balance of Inventory is $5,100 1. Buy $14 worth of manufacturing supplies for cash 2. Sell product for $35 in cash with historical cost of $35 3. Receive payment of $13 owed by a customer What is the final amount in Inventory? 2 Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Payable is $1,900 The starting balance of Cash is $14,100 The starting balance of Debt is $3,600 The starting balance of Inventory is $4,900 1. Borrow $59 from a bank 2. Pay $4 owed to a supplier 3. Buy $18 worth of manufacturing supplies on credit What is the final amount in Accounts Payable? 3. Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Cash is $12,500 The starting balance of Inventory is $5,200 The starting balance of Retained Earnings is $23,900 1. Consume good or service and pay expense of $3 2. Sell product for $20 in cash with historical cost of $16 3. Sell, deliver, and receive payment of $35 for service What is the final amount in Retained Earnings? 4. 5. Siam Traders Balance Sheet As of March 11, 2019 (amounts in thousands) Cash 9,100 Accounts Payable 1,900 Accounts Receivable 4,400 Debt 2,400 Inventory 4,800 Other Liabilities 600 Property Plant & Equipment 15,600 Total Liabilities 4,900 Other Assets 2,600 Paid-In Capital 6,900 Retained Earnings 24,700 Total Equity 31,600 Total Assets 36,500 Total Liabilities & Equity 36,500 Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question. 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit What is the final amount in Total Equity? Please specify your answer in the same units as the balance sheet. 6. Nippon Technology Balance Sheet As of March 11, 2019 (amounts in thousands) Cash 13,700 Accounts Payable 2,000 Accounts Receivable 3,200 Debt 3,600 Inventory 5,100 Other Liabilities 900 Property Plant & Equipment 15,400 Total Liabilities 6,500 Other Assets 800 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity 31,700 Total Assets 38,200 Total Liabilities & Equity 38,200 Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question. 1. Receive payment of $12,000 owed by a customer 2. Purchase equipment for $45,000 in cash 3. Issue $85,000 in stock 4. Borrow $67,000 from a bank 5. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Total Liabilities & Equity? Please specify your answer in the same units as the balance sheet. 7. Ruston Company Balance Sheet As of March 11, 2019 (amounts in thousands) Cash 9,000 Accounts Payable 1,200 Accounts Receivable 3,400 Debt 3,600 Inventory 5,100 Other Liabilities 2,100 Property Plant & Equipment 17,500 Total Liabilities 6,900 Other Assets 600 Paid-In Capital 5,900 Retained Earnings 22,800 Total Equity 28,700 Total Assets 35,600 Total Liabilities & Equity 35,600 Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question. 1. Sell product for $30,000 in cash with historical cost of $24,000 2. Sell, deliver, and receive payment of $25,000 for service 3. Consume good or service and pay expense of $1,000 What is the final amount in Total Assets? Please specify your answer in the same units as the balance sheet.