two accounting simple questions.

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timer Asked: Apr 17th, 2018

Question Description

i m putting together the new test and result of last attempt(solution); all you will have to do is follow the steps and replace the values in solution. Only Q3 and Q4 are requested to solve.

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Statement Connections Question 1 Use the starting balance sheet, income statement, and the list of changes to answer the question. Ruston Company Balance Sheet As of December 31, 2017 (amounts in thousands) Cash Other Assets Total Assets 21,000 Liabilities 31,000 Equity 52,000 Total Liabilities & Equity Ruston Company Income Statement January 1 to March 31, 2018 (amounts in thousands) Revenue 3,100 Expenses 4,400 Net Income -1,300 Between January 1 and March 31, 2018: Note: you have to use 200 instead of 200,000 to m 1. Other Assets decrease by $200,000 2. Liabilities increase by $300,000 3. Paid-In Capital does not change 4. Dividends paid of $100,000 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. Hopewell Corporation Income Statement January 1 to December 31, 2017 (amounts in thousands) Revenue 6,400 Cost of Goods Sold (COGS) 1,280 Gross Income 5,120 Sales, General, & Administrative Expenses (SG&A) 640 Depreciation Expense 1,100 Other Expenses 600 Earnings Before Interest & Taxes (EBIT) 2,780 Interest 80 Pre-Tax Income 2,700 Income Taxes 1,080 Net Income 1,620 Between January 1 and December 31, 2017: Note: you have to use 400 instead of 400,000 to m 1. Accounts Receivable decrease by $400,000 2. Accounts Payable decrease by $100,000 3. Gross Property, Plant, & Equipment increase by $7,800,000 4. Long Term Debt increases 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. Gulf Shipping Company 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 143,000 41,000 58,000 210,000 62,000 148,000 7,000 397,000 Accounts Payable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity Total Liabilities & Equity Gulf Shipping Company Statement of Cash Flows January 1 to March 31, 2018 (amounts in thousands) Net Income 6,800 Depreciation 1,300 Decrease (Increase) in Accounts Receivable 200 Decrease (Increase) in Inventory -700 Increase (Decrease) in Accounts Payable 500 Other Adjustments 0 Net Cash Flow from Operating Activities 8,100 Purchase of Property, Plant, & Equipment -8,500 Other Adjustments 0 Net Cash Flow from Investing Activities -8,500 Increase (Decrease) in Debt 900 Dividends -600 Other Adjustments 0 Net Cash Flow from Financing Activities 300 Net Cash Flow -100 What is the value for Total Liabilities & Equity on March 31, 2018? Please specify your answer in the same units as the financial statements. Question 4 Use the balance sheets and information provided about revenue and expenses 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 91,000 44,000 48,000 234,000 78,000 156,000 26,000 365,000 Accounts Payable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity Total Liabilities & Equity Siam Traders Balance Sheet As of March 31, 2018 (amounts in thousands) Cash 96,000 Accounts Payable Accounts Receivable 45,000 Debt Inventory 38,000 Other Liabilities Property Plant & Equipment, Gross 234,000 Total Liabilities Accumulated Depreciation 78,700 Paid-In Capital Property Plant & Equipment, Net 155,300 Retained Earnings Other Assets 25,000 Total Equity Total Assets 359,300 Total Liabilities & Equity Revenue and expenses information from January 1 to March 31, 2018 were: Note: you have to use 9,600 instead of 9,600,000 to make it same units as Sales Revenue of $9,600,000 COGS of 35% of Sales Interest of $160,000 Other Expenses of $400,000 SG&A of $1,920,000 Tax Rate of 34% 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 nea T-Accounts Question 1 st of changes to answer the question. 25,000 27,000 52,000 you have to use 200 instead of 200,000 to make it same units as the income statement and same thing for the following amounts statements. the question. you have to use 400 instead of 400,000 to make it same units as the income statement and same thing for the following amounts o answer the question. 19,000 32,000 40,000 91,000 77,000 229,000 306,000 397,000 statements. nue and expenses to answer the question. 19,000 24,000 6,000 49,000 69,000 247,000 316,000 365,000 25,000 23,300 -6,720 41,580 69,000 248,720 317,720 359,300 31, 2018 were: nstead of 9,600,000 to make it same units as the income statement and same thing for the following amounts sheets and round your answer to the nearest integer.
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