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Use the balance sheets and information provided about revenue and expenses to answer the question. Gulf Shipping Company Balance Sheet As of December 31, 2017
Use the balance sheets and information provided about revenue and expenses to answer the question.
Gulf Shipping Company Balance Sheet As of December 31, 2017 (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 | 7,000 | Total Equity | 306,000 |
Total Assets | 397,000 | Total Liabilities & Equity | 397,000 |
Gulf Shipping Company Balance Sheet As of March 31, 2018 (amounts in thousands) | |||
---|---|---|---|
Cash | 145,000 | Accounts Payable | 24,000 |
Accounts Receivable | 39,000 | Debt | 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 | 5,000 | Total Equity | 307,747 |
Total Assets | 400,800 | Total Liabilities & Equity | 400,800 |
Revenue and expenses information from January 1 to March 31, 2018 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 2018?
Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer.
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