1.

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

Lightspeed Industries

Balance Sheet

As of December 31, 2019

(amounts in thousands) Cash 20,000 Liabilities 37,000 Other Assets 35,000 Equity 18,000 Total Assets 55,000 Total Liabilities & Equity 55,000

Lightspeed Industries

Income Statement

January 1 to March 31, 2020

(amounts in thousands) Revenue 3,300 Expenses 4,900 Net Income -1,600

Between January 1 and March 31, 2020:

1. Other Assets do not change

2. Liabilities increase by $400,000

3. Paid-In Capital does not change

4. Dividends paid of $300,000

What is the value for Cash on March 31, 2020?

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

2.

Use the income statement and the list of changes to answer the question.

Stuart Company

Income Statement

January 1 to December 31, 2019

(amounts in thousands) Revenue8,800 Cost of Goods Sold (COGS)2,640 Gross Income6,160 Sales, General, & Administrative Expenses (SG&A)880 Depreciation Expense900 Other Expenses500 Earnings Before Interest & Taxes (EBIT)3,880 Interest110 Pre-Tax Income3,770 Income Taxes1,508 Net Income2,262

Between January 1 and December 31, 2019:

1. Accounts Receivable decrease by $300,000

2. Accounts Payable decrease by $900,000

3. Gross Property, Plant, & Equipment increase by $7,500,000

4. Long Term Debt decreases by $600,000

Assume no other changes

What is the Net Cash Flow?

Please specify your answer in the same units as the income statement.

3.

Use the starting balance sheet and statement of cash flows to answer the question.

Nippon Technology

Balance Sheet

As of December 31, 2019

(amounts in thousands) Cash137,000Accounts Payable20,000 Accounts Receivable32,000Debt36,000 Inventory51,000Other Liabilities9,000 Property Plant & Equipment, Gross227,000Total Liabilities65,000 Accumulated Depreciation73,000Paid-In Capital72,000 Property Plant & Equipment, Net154,000Retained Earnings245,000 Other Assets8,000Total Equity317,000 Total Assets382,000Total Liabilities & Equity382,000

Nippon Technology

Statement of Cash Flows

January 1 to March 31, 2020

(amounts in thousands) Net Income10,000 Depreciation1,500 Decrease (Increase) in Accounts Receivable 600 Decrease (Increase) in Inventory (500) Increase (Decrease) in Accounts Payable 800 Other Adjustments0 Net Cash Flow from Operating Activities 12,400 Purchase of Property, Plant, & Equipment(7,300) Other Adjustments0 Net Cash Flow from Investing Activities(7,300) Increase (Decrease) in Debt (400) Dividends(200) Other Adjustments0 Net Cash Flow from Financing Activities (600) Net Cash Flow 4,500

What is the value for Total Assets on March 31, 2020?

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

4.

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

Stuart Company

Balance Sheet

As of December 31, 2019

(amounts in thousands) Cash84,000Accounts Payable28,000 Accounts Receivable47,000Debt34,000 Inventory42,000Other Liabilities9,000 Property Plant & Equipment, Gross243,000Total Liabilities71,000 Accumulated Depreciation71,000Paid-In Capital67,000 Property Plant & Equipment, Net172,000Retained Earnings235,000 Other Assets28,000Total Equity302,000 Total Assets373,000Total Liabilities & Equity373,000

Stuart Company

Balance Sheet

As of March 31, 2020

(amounts in thousands) Cash87,000Accounts Payable19,000 Accounts Receivable44,000Debt28,000 Inventory50,000Other Liabilities29,300 Property Plant & Equipment, Gross243,000Total Liabilities76,300 Accumulated Depreciation72,100Paid-In Capital67,000 Property Plant & Equipment, Net170,900Retained Earnings235,600 Other Assets27,000Total Equity302,600 Total Assets378,900Total Liabilities & Equity378,900

Revenue and expenses information from January 1 to March 31, 2020 were:

Sales Revenue of $6,300,000

COGS of 35% of Sales

Interest of $150,000

Other Expenses of $200,000

SG&A of $1,260,000

Tax Rate of 35%

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

Please specify your answer in the same units as the balance sheets and round your answer to the nearest integer.