Question

revenue and expenses to answer the question. Save your answ 28,000 34,000 9,000 71,000 Stuart Company Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 84,000 Accounts Payable Accounts Receivable 47,000 Debt Inventory 42,000 Other Liabilities Property Plant 243,000 Total & Equipment, Liabilities Gross Accumulated 71,000 Paid-In Capital Depreciation Property Plant & 172,000 Retained Equipment, Net Earnings Other Assets 28,000 Total Equity Total Assets 373,000 Total Liabilities & Equity 67,000 235,000 302,000 373,000 Stuart Company Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 87,000 Accounts 19,000 Payable Accounts Receivable 44,000 Debt 28,000 Inventory 50,000 Other Liabilities 29,300 Property Plant 243,000 Total 76,300 & Equipment, Liabilities Gross Accumulated 72,100 Paid-In Capital 67,000 Depreciation Property Plant & 170,900 Retained 235,600 Equipment, Net Earnings Other Assets 27,000 Total Equity 302,600 Total Assets 378,900 Total 378,900 Liabilities & Equity 15

Answer 1

Calculation for net Income in the first quarter of 2020 [ January to March ]

Sales Revenue		6,300,000
Less: Cost of goods sold. [ 6,300,000 35 % ]		2,205,000
Gross Profit		4,095,000
Operating and non operating Expenses :
Depreciation Expense*	1,100,000
SG&A	1,260,000
Other Expenses	200,000
Interest Expense	150,000
Less: Total operating and non operating expenses		2,710,000
Net profit before tax		1,385,000
Less: Tax [ 1,385,000 X 35%]		484,750
Net Profit after tax or Net Income		900,250

* Depreciation expense for 1st quarter of 2020 = Accumulated depreciation on March 31, 2020 - Accumulated depreciation on December 31, 2019

Depreciation Expenses for 1st quarter of 2020 = $ 72,100,000 - $ 71,000,000 = $ 1,100,000

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