Question
Use the starting balance sheet, income statement, and the list of changes to answer the question. Valley Technology Balance Sheet As of December 31, 2019
Use the starting balance sheet, income statement, and the list of changes to answer the question.
Valley Technology Balance Sheet As of December 31, 2019 (amounts in thousands) | |||
---|---|---|---|
Cash | 22,000 | Liabilities | 36,000 |
Other Assets | 28,000 | Equity | 14,000 |
Total Assets | 50,000 | Total Liabilities & Equity | 50,000 |
Valley Technology Income Statement January 1 to March 31, 2020 (amounts in thousands) | |
---|---|
Revenue | 7,200 |
Expenses | 3,600 |
Net Income | 3,600 |
Between January 1 and March 31, 2020:
1. Cash decreases by $200,000
2. Liabilities decrease by $100,000
3. Paid-In Capital does not change
4. Dividends paid of $400,000
What is the value for Other Assets on March 31, 2020?
Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.
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