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Required information The following information applies to the questions displayed below) At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share) Cash $ 1,900 Accounts payable $ Short-term investments 210 410 Unearned revenue 1,320 Accounts receivable 3,570 salaries Payable 320 Supplies 150 Short-ter bote payable 760 Prepaid expenses 4,720 Common stock $1 par value) 50 of tice equipment 1,530 Additional paid-in capital 6,560 Accumulated depreciation office equipment (480) Retained earnings 2,010 *This account has a credit balance representing the portion of the cost of the equipment used in the past. a. Received $9,500 cash for consulting services rendered b.issued 10 additional shares of common stock at a market price of $120 per share. c. Purchased $640 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $890 from clients for consulting services to be performed in the next year. e. Bought $470 of supplies on account Incurred and paid $1.800 in utilities for the current year. g Consulted for clients in the current year for fees totaling $1,620, due from clients in the next year, h. Received $2,980 from clients paying on their accounts. tincurred $6,210 in salaries in the current year, paying $5,300 and owing the rest (to be paid next year). J. Purchased $1.230 in short-term investments and paid $800 for Insurance coverage beginning in the next fiscal year, k Received $10 in interest revenue earned in the current year on short-term investments. 3. Using the data from the Taccounts, amounts for the following at the end of the current year were (Enter your answer in thousands, not in dollars.) Revenues Assets Expenses Libidos Not income Stockholder's equity Required information [The following information applies to the questions displayed below) At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share) Cash $ 1,900 Accounts payable 5 210 Short-term investments 410 Unearned revenge 1,320 Accounts receivable 3,570 salaries Payable 870 Supplies 150 short-term note payable 780 Prepaid expenses 4.720 Connon stock (51 par value) 50 office equipment 1.530 Additional paid in capital 6,560 Accumulated depreciation office equipment (480) Retained earnings 2.010 *This account has a credit balance representing the portion of the cost of the equipment used in the past a. Received $9,500 cash for consulting services rendered b. Issued 10 additional shares of common stock at a market price of $120 per share. c. Purchased $640 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $890 from clients for consulting services to be performed in the next year. e. Bought $470 of supplies on account. 1. Incurred and paid $1,800 in utilities for the current year. g. Consulted for clients in the current year for fees totaling S1,620, due from clients in the next year, h. Received $2.980 from clients paying on their accounts Incurred $6,210 in salaries in the current year, paying $5,300 and owing the rest (to be paid next year). J. Purchased $1,230 in short-term investments and paid $800 for Insurance coverage beginning in the next fiscal year. k Received $10 in interest revenue earned in the current year on short-term investments. 4. What would net income be if Conover, Inc., used the cash basis of accounting? (Enter your answer in thousands, not in dollars.) Not income