Question
Use the balance sheets and information provided about revenue and expenses to answer the question. Siam...
Use the balance sheets and information provided about revenue and expenses to answer the question.
| Siam Traders Balance Sheet As of December 31, 2018 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 91,000 | Accounts Payable | 19,000 |
| Accounts Receivable | 44,000 | Debt | 24,000 |
| Inventory | 48,000 | Other Liabilities | 6,000 |
| Property Plant & Equipment, Gross | 234,000 | Total Liabilities | 49,000 |
| Accumulated Depreciation | 78,000 | Paid-In Capital | 69,000 |
| Property Plant & Equipment, Net | 156,000 | Retained Earnings | 247,000 |
| Other Assets | 26,000 | Total Equity | 316,000 |
| Total Assets | 365,000 | Total Liabilities & Equity | 365,000 |
| Siam Traders Balance Sheet As of March 31, 2019 (amounts in thousands) | |||
|---|---|---|---|
| Cash | 96,000 | Accounts Payable | 25,000 |
| Accounts Receivable | 45,000 | Debt | 23,300 |
| Inventory | 38,000 | Other Liabilities | -6,720 |
| Property Plant & Equipment, Gross | 234,000 | Total Liabilities | 41,580 |
| Accumulated Depreciation | 78,700 | Paid-In Capital | 69,000 |
| Property Plant & Equipment, Net | 155,300 | Retained Earnings | 248,720 |
| Other Assets | 25,000 | Total Equity | 317,720 |
| Total Assets | 359,300 | Total Liabilities & Equity | 359,300 |
Revenue and expenses information from January 1 to March 31, 2019 were:
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 2019?
Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer.
Answers
Net Income in the First quarter of 2019 S 2,020 $ $ $ 9,600 3,360 6,240 Siam Traders Income Statement For the Quarter Ended March 31, 2019 Sales Revenues Cost of Goods Sold Gross Profit Operating Expenses: Selling, General & Administrative Expenses $ 1,920 Depreciation Expense $ 700 Other Expenses $ 400 Total operating Expenses Earnings Before Interest & Taxes Interest Expenses Net profit before income tax Income Taxes Net Income $ $ $ $ $ 3,020 3,220 160 3,060 1,040 2,020 Cost of Goods Sold = $9,600*35% = $3,360 Income Taxes = $3,060*34% = $1,040
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