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(solution) Statement Connections Examples Use the starting balance sheet,


Would you please help me answer four statement connection exercises attached. I also attached the statement connections examples for reference. I don't need to see the work I just need the answers to the four exercise problems in the statement connections exercise doc. 


Thank you 


Statement Connections Examples

 

Use the starting balance sheet, income statement, and the list of changes to answer the question.

 

Hopewell Corporation

 

Balance Sheet

 

As of December 31, 2015

 

(amounts in thousands)

 


 

Cash

 


 

29,000 Liabilities

 


 

24,000

 


 

Other

 

Assets

 


 

37,000 Equity

 


 

42,000

 


 

Total Assets 66,000

 


 

Total Liabilities &

 

Equity

 


 

66,000

 


 

Hopewell Corporation

 

Income Statement

 

January 1 to March 31, 2016

 

(amounts in thousands)

 


 

Revenue

 


 

7,500

 


 

Expenses

 


 

2,200

 


 

Net Income

 


 

5,300

 


 

Between January 1 and March 31, 2016:

 

1. Cash decreases by $300,000

 

2. Liabilities increase by $400,000

 

3. Paid-In Capital does not change

 

4. Dividends increases by $500,000

 

What is the value for Other Assets on March 31, 2016?

 

Please specify your answer in the same units as the financial statements.

 

Use the income statement and the list of changes to answer the question.

 

Dansko Integrated

 

Income Statement

 

January 1 to December 31, 2015

 

(amounts in thousands)

 


 

Revenue

 

Cost of Goods Sold (COGS)

 


 

8,500

 

2,550

 


 

Gross Income

 


 

5,950

 


 

Sales, General, & Administrative Expenses

 

(SG&A)

 


 

1,700

 


 

Depreciation Expense

 


 

800

 


 

Other Expenses

 


 

500

 


 

Earnings Before Interest & Taxes (EBIT)

 


 

2,950

 


 

Interest

 


 

90

 


 

Pre-Tax Income

 


 

2,860

 


 

Income Taxes

 


 

1,144

 


 

Net Income

 


 

1,716

 


 

Between January 1 and December 31, 2015:

 

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.

 

Use the starting balance sheet and statement of cash flows to answer the question.

 

Nippon Technology

 

Balance Sheet

 

As of December 31, 2015

 

(amounts in thousands)

 


 

Cash

 


 

137,000 Accounts Payable

 


 

20,000

 


 

Accounts Receivable

 


 

32,000 Debt

 


 

36,000

 


 

Inventory

 


 

51,000 Other Liabilities

 


 

9,000

 


 

Property Plant & Equipment,

 

Gross

 


 

227,000 Total Liabilities

 


 

65,000

 


 

Accumulated Depreciation

 


 

73,000 Paid-In Capital

 


 

72,000

 


 

Property Plant & Equipment, Net 154,000 Retained Earnings

 


 

245,000

 


 

Other Assets

 


 

317,000

 


 

Total Assets

 


 

8,000 Total Equity

 

382,000

 


 

Total Liabilities &

 

Equity

 


 

Nippon Technology

 

Statement of Cash Flows

 

January 1 to March 31, 2016

 

(amounts in thousands)

 


 

Net Income

 


 

10,000

 


 

Depreciation

 


 

1,500

 


 

Decrease (Increase) in Accounts

 

Receivable

 


 

600

 


 

382,000

 


 

Decrease (Increase) in Inventory

 


 

(500)

 


 

Increase (Decrease) in Accounts Payable

 


 

800

 


 

Other Adjustments

 


 

0

 


 

Net Cash Flow from Operating Activities

 


 

12,400

 


 

Purchase of Property, Plant, & Equipment

 


 

(7,300)

 


 

Other Adjustments

 


 

0

 


 

Net Cash Flow from Investing Activities

 


 

(7,300)

 


 

Increase (Decrease) in Debt

 


 

(400)

 


 

Dividends

 


 

(200)

 


 

Other Adjustments

 


 

0

 


 

Net Cash Flow from Financing Activities

 


 

(600)

 


 

Net Cash Flow

 


 

4,500

 


 

What is the value for Total Assets on March 31, 2016?

 

Please specify your answer in the same units as the financial statements.

 

Use the balance sheets and information provided about revenue and expenses to answer the question.

 

Gulf Shipping Company

 

Balance Sheet

 

As of December 31, 2015

 

(amounts in thousands)

 


 

Cash

 


 

143,000 Accounts Payable

 


 

19,000

 


 

Accounts Receivable

 


 

41,000 Debt

 


 

32,000

 


 

Inventory

 


 

58,000 Other Liabilities

 


 

40,000

 


 

Property Plant & Equipment,

 

Gross

 


 

210,000 Total Liabilities

 


 

91,000

 


 

Accumulated Depreciation

 


 

62,000 Paid-In Capital

 


 

77,000

 


 

Property Plant & Equipment, Net 148,000 Retained Earnings

 


 

229,000

 


 

Other Assets

 


 

306,000

 


 

Total Assets

 


 

7,000 Total Equity

 

397,000

 


 

Total Liabilities &

 

Equity

 


 

397,000

 


 

Gulf Shipping Company

 

Balance Sheet

 

As of March 31, 2016

 

(amounts in thousands)

 


 

Cash

 

Accounts Receivable

 


 

145,000 Accounts Payable

 

39,000 Debt

 


 

24,000

 

41,000

 


 

Inventory

 


 

65,000 Other Liabilities

 


 

28,053

 


 

Property Plant & Equipment,

 

Gross

 


 

210,000 Total Liabilities

 


 

93,053

 


 

Accumulated Depreciation

 


 

63,200 Paid-In Capital

 


 

77,000

 


 

Property Plant & Equipment, Net 146,800 Retained Earnings

 


 

230,747

 


 

Other Assets

 


 

307,747

 


 

Total Assets

 


 

5,000 Total Equity

 

400,800

 


 

Total Liabilities &

 

Equity

 


 

400,800

 


 

Revenue and expenses information from January 1 to March 31, 2016 were:

 

Sales Revenue of $7,900,000

 

COGS of 20% of Sales

 

Interest of $100,000

 

Other Expenses of $300,000

 

SG&A of $1,580,000

 

Tax Rate of 38%

 

What is the net income in the first quarter of 2016?

 

Please specify your answer in the same units as the balance sheets.

 


 

Solution

 

Note: To see submitted exercise solution details, uncheck the 'Display all exercises' box and click the Show Solution button for the

 

desired exercise.

 

Overall: 0 Right. 4 Wrong.

 

Wrong. Your submitted solution is 0. The correct solution is 42,500.

 

Wrong. Your submitted solution is 0. The correct solution is -3,084.

 

Wrong. Your submitted solution is 0. The correct solution is 392,200.

 

Wrong. Your submitted solution is 0. The correct solution is 1,947.

 


 

 


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