Question

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

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

Dansko Integrated
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash 99,000 Accounts Payable 27,000
Accounts Receivable 45,000 Debt 35,000
Inventory 38,000 Other Liabilities 10,000
Property Plant & Equipment, Gross 235,000 Total Liabilities 72,000
Accumulated Depreciation 67,000 Paid-In Capital 80,000
Property Plant & Equipment, Net 168,000 Retained Earnings 214,000
Other Assets 16,000 Total Equity 294,000
Total Assets 366,000 Total Liabilities & Equity 366,000
Dansko Integrated
Balance Sheet
As of March 31, 2020
(amounts in thousands)
Cash 96,000 Accounts Payable 36,000
Accounts Receivable 41,000 Debt 33,000
Inventory 46,000 Other Liabilities 2,202
Property Plant & Equipment, Gross 235,000 Total Liabilities 71,202
Accumulated Depreciation 68,100 Paid-In Capital 80,000
Property Plant & Equipment, Net 166,900 Retained Earnings 215,698
Other Assets 17,000 Total Equity 295,698
Total Assets 366,900 Total Liabilities & Equity 366,900

Revenue and expenses information from January 1 to March 31, 2020 were:
Sales Revenue of $7,800,000
COGS of 30% of Sales
Interest of $60,000
Other Expenses of $600,000
SG&A of $780,000
Tax Rate of 35%

What is the net income in the first quarter of 2020?

Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement).

Business   Accounting   
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Homework Answers

Answer #1

Net income = revenue-operating expenses-interest-taxes

Dansko Integrated Income satetement for first quarter 2020 calculation
Sales $7,800
Cost of Goods Sold (COGS) $2,340 [$7,800*30%]
Gross Income $5,460 [$7,800-2,340]
Sales, General, & Administrative Expenses (SG&A) $780
Other Expenses $600
Earnings Before Interest & Taxes (EBIT) $4,080 [5460-780-600]
Interest $60
Income before taxes $4,020 [4080-60]
Income Taxes $1,407 [$4,020*35%]
Net Income $2,613 [$4020-1407]

Thus Net Income In firs quarter 2020 is $2,613

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