Use the starting balance sheet, income statement, and the list of changes to answer the question. Valley Technology
Balance Sheet
As of December 31, 2017
(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, 2018
(amounts in thousands)
Revenue 7,200
Expenses 3,600
Net Income 3,600
Between January 1 and March 31, 2018:

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, 2018?

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

Valley Technology

Other Assets (amount in thousands) = $31,300

Explanation:

a) Data and Calculations:

Valley Technology

Balance Sheet

As of December 31, 2017

(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, 2018

(amounts in thousands)

Revenue         7,200

Expenses       3,600

Net Income    3,600

Cash

Balance sheet        22,000

Decrease                     200

Balance                   21,800

Liabilities:

Balance sheet   36,000

Decrease                100

Balance            35,900

Equity:

Balance sheet  14,000

Net Income       3,600

Dividends paid     400

Balance            17,200

New Balance Sheet, March 31, 2018:

Cash                21,800        Liabilities                          35,900

Other assets   31,300        Equity                                17,200

Total assets    53,100        Total Liabilities + Equity   53,100

answer; test-retest;