Question

we A ns Use the beance sheets and information provided about revenge and expenses to Savi Ruston Company Balance Sheet As of December 31, 2018 Camounts in thousando) 90.000 Accounts Payable Abbounts Receivable 34,000 Debt Inventory 51,000 Other Liabilities Property Plants 230,000 Total Liabilities Equipment Gross Accumulated Depreciation 55,000 Paid in Capital Property Plant Equipment, Net 175 000 Retained Earnings Other Assets 6.000 Total Equity Total Assets 356,000 Total Liabilities & Equity 12.000 36.000 21000 69,000 59.000 228,000 287,000 356,000 HUAWEI Ruston Company Balance Sheet As of March 31, 2019 (amounts in thousands) Cash 88,000 Accounts Payable Accounts Receivable 40,000 Det Inventory 41.000 Other Liabilities Property Plan 230000 Total Liabilities Equipment Gross Accumulated Depreciation 55,800 Paid in Capital Property Plant Equipment Net 174.200 Retained Earrings Other Assets 10.000 Total Equity Total Assets 353,200 Total Liabilities & Equity 15.000 43,000 5.737 63.737 59,000 230,463 289,463 353,200 Revenue and expenses information from January 1 to March 31, 2019 were Sales Revenue of $8,700,000 COGS of 25% of Sales Interest of $60,000 Other Expenses of $500,000 SOSA of $870,000 Tax Rate of What is the net income in the first quarter of 2019? Piese specify your answer in the same units as the balance sheets and round your r to the rest integer a w navigation

Answer 1

Income Statement Sales revenue Cost of goods sold (25% * $8,700,000) Gross profit Selling, general and administrative expenses Other expenses Operating income Interest expense Income before taxes Income tax expense (38% * $5,095,000) Net income $ $ $ $ $ $ $ $ $ $ 8,700,000 -2,175,000 6,525,000 870,000 -500,000 5,155,000 60,000 5,095,000 -1,936,100 3,158,900