Question

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

Hopewell Corporation Balance Sheet As of December 31, 2019 (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, 2020 (amounts in thousands)
Revenue	7,500
Expenses	2,200
Net Income	5,300

Between January 1 and March 31, 2020:

1. Cash decreases by $300,000
2. Liabilities increase by $400,000
3. Paid-In Capital does not change
4. Dividends paid of $500,000

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.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

Answer 1

Balance Sheet as at	December 31		December 31
	2019		2020
Liabilities
Liabilities	$24,000,000	$400,000	$24,400,000
Equity	$42,000,000		$42,000,000
Retained Earning			$4,800,000
Total Liability & Equity	$66,000,000	$400,000	$71,200,000
Assets
Cash	$29,000,000	-$300,000	$28,700,000
Other Assets	$37,000,000		$42,500,000	(Balancing Figure)
Total Assets	$66,000,000	-$300,000	$71,200,000
Income Statement (January 1 to March 31, 2020
Revenues	$7,500,000
Expenses	$2,200,000
Net Income	$5,300,000
Less: Dividend Paid	$500,000
Retained Earning	$4,800,000
Other Assets = $42,500 as on Dec 31, 2020	(Amount in thousand )