Statement Connections Question 1 Use the starting balance sheet, income statement, and the list of changes to answer the question. Stuart Company Balance Sheet As of December 31, 2017 (amounts in thousands) Cash Other Assets Total Assets 37,000 Liabilities 32,000 Equity 69,000 Total Liabilitie s& Equity Stuart Company Income Statement January 1 to March 31, 2018 (amounts in thousands) Revenue Expenses Net Income Between January 1 and March 31, 2018: 1. Other Assets decrease by $300,000 2. Liabilities increase by $400,000 3. Paid-In Capital does not change 4. Dividends paid of $200,000 7,500 4,400 3,100 What is the value for Cash on March 31, 2018? Please specify your answer in the same units as the financial statements. Question 2 Use the income statement and the list of changes to answer the question. Dansko Integrated Income Statement January 1 to December 31, 2017 (amounts in thousands) Revenue Cost of Goods Sold (COGS) Gross Income Sales, General, & Administrative Expenses (SG&A) Depreciation Expense 8,500 2,550 5,950 1,700 800 22,000 47,000 69,000 Other Expenses Earnings Before Interest & Taxes (EBIT) Interest Pre-Tax Income Income Taxes Net Income Between January 1 and December 31, 2017: 500 2,950 90 2,860 1,144 1,716 1. Accounts Receivable decrease by $400,000 2. Accounts Payable increase by $900,000 3. Gross Property, Plant, & Equipment increase by $6,700,000 4. Long Term Debt decreases by $200,000 Assume no other changes What is the Net Cash Flow? Please specify your answer in the same units as the income statement. Question 3 Use the starting balance sheet and statement of cash flows to answer the question. Siam Traders Balance Sheet As of December 31, 2017 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Siam Traders Statement of Cash Flows 91,000 Accounts Payable 19,000 44,000 Debt 48,000 Other Liabilities 234,000 Total Liabilitie s 78,000 Paid-In Capital 156,000 Retained Earnings 26,000 Total Equity 365,000 Total Liabilitie s& Equity 24,000 6,000 49,000 69,000 247,000 316,000 365,000 January 1 to March 31, 2018 (amounts in thousands) Question 4 Net Income Depreciation Decrease (Increase) in Accounts Receivable 7,200 2,000 -100 Decrease (Increase) in Inventory Increase (Decrease) in Accounts Payable 1,000 600 Other Adjustments Net Cash Flow from Operating Activities Purchase of Property, Plant, & Equipment 0 10,700 -8,300 Other Adjustments Net Cash Flow from Investing Activities Increase (Decrease) in Debt Dividends Other Adjustments Net Cash Flow from Financing Activities Net Cash Flow What is the value for Total Assets on March 31, 2018? Please specify your answer in the same units as the financial statements. 0 -8,300 -700 -500 0 -1,200 1,200 Use the balance sheets and information provided about revenue and expenses to answer the question. Lightspeed Industries Balance Sheet As of December 31, 2017 (amounts in thousands) Cash 141,000 Accounts Payable 19,000 Accounts Receivable Inventory 32,000 Debt 49,000 Other Liabilities 231,000 Total Liabilitie s 68,000 Paid-In Capital 163,000 Retained Earnings 36,000 20,000 Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net 75,000 72,000 243,000 Other Assets 5,000 Total Equity 390,000 Total Liabilitie s& Equity Total Assets 315,000 390,000 Lightspeed Industries Balance Sheet As of March 31, 2018 (amounts in thousands) Cash 145,000 Accounts Payable 26,000 Accounts Receivable Inventory 37,000 Debt 45,000 Other Liabilities 231,000 Total Liabilitie s 68,600 Paid-In Capital 162,400 Retained Earnings 5,000 Total Equity 394,400 Total Liabilitie s& Equity 32,000 18,619 Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Revenue and expenses information from January 1 to March 31, 2018 were: Sales Revenue of $9,200,000 COGS of 25% of Sales Interest of $190,000 Other Expenses of $300,000 SG&A of $920,000 Tax Rate of 37% What is the net income in the first quarter of 2018? Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer. 76,619 72,000 245,781 317,781 394,400 Journal Question 1 Consider the following account starting balances and journal transactions involving these ac Use T-accounts to record the starting balances and organize the offsetting entries for the tr The starting balance of Accounts Receivable is $4,700 The starting balance of Cash is $8,400 The starting balance of Inventory is $4,200 Date Accounts and Explanation Debit Credit 19-Jan Cash 30 Inventory Sold and delivered product to customer at cost 20-Jan Cash 9 Accounts Receivable Received customer payment 21-Jan Inventory 15 Cash Bought manufacturing supplies for cash What is the final amount in Cash? Question 2 30 9 15 Consider the following account starting balances and journal transactions involving these ac Use T-accounts to record the starting balances and organize the offsetting entries for the tr The starting balance of Accounts Payable is $1,500 The starting balance of Cash is $9,700 The starting balance of Debt is $2,900 The starting balance of Inventory is $3,800 Date Accounts and Explanation Debit Credit 10-Feb Inventory 15 Accounts Payable Bought manufacturing supplies on credit 11-Feb Cash 60 Debt Borrowed money from bank 12-Feb Accounts Payable 7 Cash Paid money owed to supplier What is the final amount in Accounts Payable? Question 3 15 60 7 Consider the following account starting balances and journal transactions involving these ac Use T-accounts to record the starting balances and organize the offsetting entries for the tr The starting balance of Cash is $9,100 The starting balance of Inventory is $4,800 The starting balance of Retained Earnings is $24,700 Date Accounts and Explanation Debit 9-Mar Cash Credit 30 Inventory 24 Retained Earnings 6 Sold and delivered product to customer 10-Mar Cash 40 Retained Earnings 40 Sold, delivered, and received payment for service with no clear associated co 11-Mar Retained Earnings 2 Cash 2 Consumed good or service and paid expense with cash What is the final amount in Retained Earnings? Question 4 Nippon Technology Balance Sheet As of January 3, 2018 (amounts in thousands) Cash 13,700 Accounts Receivable 3,200 Inventory 5,100 Property Plant & Equipment15,400 Other Assets 800 Accounts Payable 2,000 Debt 3,600 Other Liabilities 900 Total Liabilities 6,500 Paid-In Capital 7,200 Retained Earnings 24,500 Total Equity 31,700 Total Assets 38,200 Total Liabilities & Equity 38,200 Transfer the journal entries to T-accounts for the transactions below, compute closing amo Journal amounts in thousands Date Account and Explanation Debit 4-Jan Cash 12 Inventory Retained Earnings Sold and delivered product to customer Property, Plant & Equipment 45 Cash Paid cash for machine Cash 85 Paid-In Capital Issued stock Cash 67 Debt Borrowed money from bank Inventory 17 Accounts Payable Bought manufacturing supplies on credit Accounts Payable 7 Cash 5-Jan 6-Jan 7-Jan 8-Jan 9-Jan Credit 10 2 45 85 67 17 7 Paid money owed to supplier 10-Jan Cash 11 Accounts Receivable Received customer payment What is the final amount in Total Liabilities & Equity? Please specify your answer in the same units as the balance sheet. Question 5 11 Torche Corporation Balance Sheet As of January 24, 2018 (amounts in thousands) Cash 14,700 Accounts Receivable 4,800 Inventory 3,800 Property Plant & Equipment15,800 Other Assets 900 Accounts Payable 2,400 Debt 3,700 Other Liabilities 5,000 Total Liabilities 11,100 Paid-In Capital 6,000 Retained Earnings 22,900 Total Equity 28,900 Total Assets 40,000 Total Liabilities & Equity 40,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute clo Jan 25. Receive payment of $12,000 owed by a customer Jan 26. Buy $15,000 worth of manufacturing supplies on credit Jan 27. Purchase equipment for $44,000 in cash What is the final amount in Total Liabilities & Equity? Please specify your answer in the same units as the balance sheet. Question 6 Hopewell Corporation Balance Sheet As of January 24, 2018 (amounts in thousands) Cash 12,500 Accounts Receivable 3,600 Inventory 5,200 Property Plant & Equipment16,700 Other Assets 600 Accounts Payable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity Total Assets 38,600 Total Liabilities & Equity Record the transactions in a journal, transfer the journal entries Jan 25. Buy $15,000 worth of manufacturing supplies on credit Jan 26. Purchase equipment for $48,000 in cash Jan 27. Receive payment of $13,000 owed by a customer Jan 28. Issue $70,000 in stock Jan 29. Borrow $65,000 from a bank 2,400 3,700 3,000 9,100 5,600 23,900 29,500 38,600 to T-accounts, compute clo What is the final amount in Total Liabilities? Please specify your answer in the same units as the balance sheet. Question 7 Lightspeed Industries Balance Sheet As of January 24, 2018 (amounts in thousands) Cash 14,100 Accounts Receivable 3,200 Inventory 4,900 Property Plant & Equipment16,300 Other Assets 500 Accounts Payable 1,900 Debt 3,600 Other Liabilities 2,000 Total Liabilities 7,500 Paid-In Capital 7,200 Retained Earnings 24,300 Total Equity 31,500 Total Assets 39,000 Total Liabilities & Equity 39,000 Record the transactions in a journal, transfer the journal entries to T-accounts, compute clo Jan 25. Sell, deliver, and receive payment of $20,000 for service Jan 26. Consume good or service and pay expense of $3,000 Jan 27. Sell product for $25,000 in cash with historical cost of $20,000 What is the final amount in Total Assets? 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