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1. Prepare a classified Income statement in good form for 2020, and a classified balance sheet for 2020 with comparatives of 2019. 2. Prepare 2 statements of cash flow, one using the direct method, and the other using the Indirect method, for the year ended March 31, 2020. 3. Using the following elements of critical thinking, identify and discuss the problem, goal, facts, and conclusion, while keeping in mind that it is best not to jump to conclusions. a) Identify the problem or problems that Systems Unlimited Inc. is facing. b) Identify the goal(s) for Systems Unlimited c) Identify and explain the facts you are using for your analysis. d) Explain your conclusions and /or consequences. 1. Prepare a classified Income statement in good form for 2020, and a classified balance sheet for 2020 with comparatives of 2019. 2. Prepare 2 statements of cash flow, one using the direct method, and the other using the Indirect method, for the year ended March 31, 2020. 3. Using the following elements of critical thinking, identify and discuss the problem, goal, facts, and conclusion, while keeping in mind that it is best not to jump to conclusions. a) Identify the problem or problems that Systems Unlimited Inc. is facing. b) Identify the goal(s) for Systems Unlimited c) Identify and explain the facts you are using for your analysis. d) Explain your conclusions and /or consequences. Critical Thinking Mini Case A major shareholder of Systems Unlimited Inc., Phil Wang, is perplexed. The 2017 income statement showed a healthy profit of $280 thousand. Yet, when Linda Lewis, the bank manager and a friend of Phil's, called to let him know that the bank had just reviewed the March 31, 2017, statements, she had said, "Phil, I just wanted to give you a heads-up. We're extremely concerned about the message your 2017 statement of cash flows is sending. We may have to call in the secured loan unless the new company manager, Mar- tha Shewart, has some reasonable explanations. I'm phoning her next." www. When asked, Martha Shewart says, "That's correct, Linda. We sold some of the unsecured manufac- turing equipment. It cost $245 thousand and we got $150 thousand. No, it didn't go for book value; we incurred a loss of $50 thousand where on the income statement? It's in Other expenses. Don't worry, Linda, a friend of mine, Ronald Trump, is going to sell us cheaper equipment. It's on order. I signed the contract and it will be delivered in April." After the conversation, Martha Shewart slams the phone down and thinks, "I own 20% of the shares in this company; how dare anybody question my actions?!" Systems Unlimited Inc. Comparative Balance Sheet Information Systems Unlimited Inc. Income Statement For Year Ended March 31, 2017 March 31 (thousands) (thousands) 2017 Sales..... $1,400 2016 $75 Cash... $ 30 Cost of goods sold 950 Accounts receivable (net). 490 50 Gross profit.... $ 450 Inventory........ 244 80 Operating expenses: Property, plant, and equipment (net)..... 100 305 Accounts payable. 40 22 Income tax payable.. 14 2 120 $ 330 Bank loan payable (secured) 120 50 Common shares ***** 390 $ 280 Retained earnings.. 300 ***** 0 390 96 Depreciation expense Other expenses.. Total operating expenses Profit from operations Income tax expense. Profit $5 115 1. Prepare a classified Income statement in good form for 2020, and a classified balance sheet for 2020 with comparatives of 2019. 2. Prepare 2 statements of cash flow, one using the direct method, and the other using the Indirect method, for the year ended March 31, 2020. 3. Using the following elements of critical thinking, identify and discuss the problem, goal, facts, and conclusion, while keeping in mind that it is best not to jump to conclusions. a) Identify the problem or problems that Systems Unlimited Inc. is facing. b) Identify the goal(s) for Systems Unlimited c) Identify and explain the facts you are using for your analysis. d) Explain your conclusions and /or consequences. 1. Prepare a classified Income statement in good form for 2020, and a classified balance sheet for 2020 with comparatives of 2019. 2. Prepare 2 statements of cash flow, one using the direct method, and the other using the Indirect method, for the year ended March 31, 2020. 3. Using the following elements of critical thinking, identify and discuss the problem, goal, facts, and conclusion, while keeping in mind that it is best not to jump to conclusions. a) Identify the problem or problems that Systems Unlimited Inc. is facing. b) Identify the goal(s) for Systems Unlimited c) Identify and explain the facts you are using for your analysis. d) Explain your conclusions and /or consequences. Critical Thinking Mini Case A major shareholder of Systems Unlimited Inc., Phil Wang, is perplexed. The 2017 income statement showed a healthy profit of $280 thousand. Yet, when Linda Lewis, the bank manager and a friend of Phil's, called to let him know that the bank had just reviewed the March 31, 2017, statements, she had said, "Phil, I just wanted to give you a heads-up. We're extremely concerned about the message your 2017 statement of cash flows is sending. We may have to call in the secured loan unless the new company manager, Mar- tha Shewart, has some reasonable explanations. I'm phoning her next." www. When asked, Martha Shewart says, "That's correct, Linda. We sold some of the unsecured manufac- turing equipment. It cost $245 thousand and we got $150 thousand. No, it didn't go for book value; we incurred a loss of $50 thousand where on the income statement? It's in Other expenses. Don't worry, Linda, a friend of mine, Ronald Trump, is going to sell us cheaper equipment. It's on order. I signed the contract and it will be delivered in April." After the conversation, Martha Shewart slams the phone down and thinks, "I own 20% of the shares in this company; how dare anybody question my actions?!" Systems Unlimited Inc. Comparative Balance Sheet Information Systems Unlimited Inc. Income Statement For Year Ended March 31, 2017 March 31 (thousands) (thousands) 2017 Sales..... $1,400 2016 $75 Cash... $ 30 Cost of goods sold 950 Accounts receivable (net). 490 50 Gross profit.... $ 450 Inventory........ 244 80 Operating expenses: Property, plant, and equipment (net)..... 100 305 Accounts payable. 40 22 Income tax payable.. 14 2 120 $ 330 Bank loan payable (secured) 120 50 Common shares ***** 390 $ 280 Retained earnings.. 300 ***** 0 390 96 Depreciation expense Other expenses.. Total operating expenses Profit from operations Income tax expense. Profit $5 115