Part 1)

Use the starting balance sheet, income statement, and the list of changes to answer the question. Nippon Technology Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 37,000 Liabilities 24,000 Other Assets 39,000 Equity 52,000 Total Assets 76,000 Total Liabilities & Equity 76,000 Nippon Technology Income Statement January 1 to March 31, 2020 (amounts in thousands) Revenue 5,800 Expenses 3,400 Net Income 2,400 Between January 1 and March 31, 2020: 1. Other Assets increase by $300,000 2. Liabilities decrease by $200,000 3. Paid-In Capital does not change 4. Dividends paid of $100,000 What is the value for Cash 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).Use the income statement and the list of changes to answer the question. Nippon Technology Income Statement January 1 to December 31, 2019 (amounts in thousands) Revenue 8,700 Cost of Goods Sold (COGS) 1,740 Gross Income 6,960 Sales, General, & Administrative Expenses (SG&A) 870 Depreciation Expense 1,200 Other Expenses 400 Earnings Before Interest & Taxes (EBIT) 4,490 Interest 50 Pre-Tax Income 4,440 Income Taxes 1,776 Net Income 2,664 Between January 1 and December 31, 2019: 1. Accounts Receivable decrease by $600,000 2. Accounts Payable increase by $800,000 3. Gross Property, Plant, & Equipment increase by $7,300,000 4. Long Term Debt decreases by $400,000 Assume no other changes What is the Net Cash Flow? 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 completed statement of cash flows).Use the starting balance sheet and statement of cash flows to answer the question. Valley Technology Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 97,000 Accounts Payable 15,000 Accounts Receivable 45,000 Debt 29,000 Inventory 38,000 Other Liabilities 8,000 Property Plant & Equipment, Gross 239,000 Total Liabilities 52,000 Accumulated Depreciation 75,000 Paid-In Capital 73,000 Property Plant & Equipment, Net 164,000 Retained Earnings 236,000 Other Assets 17,000 Total Equity 309,000 Total Assets 361,000 Total Liabilities & Equity 361,000 Valley Technology Statement of Cash Flows January 1 to March 31, 2020 (amounts in thousands) Net Income 8,500 Depreciation 1,500 Decrease (Increase) in Accounts Receivable (100) Decrease (Increase) in Inventory 500 Increase (Decrease) in Accounts Payable (800) Other Adjustments 0 Net Cash Flow from Operating Activities 9,600 Purchase of Property, Plant, & Equipment (5,700) Other Adjustments 0 Net Cash Flow from Investing Activities (5,700) Increase (Decrease) in Debt (1,000) Dividends (200) Other Adjustments 0 Net Cash Flow from Financing Activities (1,200) Net Cash Flow 2,700 What is the value for Total Liabilities & Equity on March 31, 2020? Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).Use the balance sheets and information provided about revenue and expenses to answer the question. Valley Technology Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 97,000 Accounts Payable 15,000 Accounts Receivable 45,000 Debt 29,000 Inventory 38,000 Other Liabilities 8,000 Property Plant & Equipment, Gross 239,000 Total Liabilities 52,000 Accumulated Depreciation 75,000 Paid-In Capital 73,000 Property Plant & Equipment, Net 164,000 Retained Earnings 236,000 Other Assets 17,000 Total Equity 309,000 Total Assets 361,000 Total Liabilities & Equity 361,000 Valley Technology Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 101,000 Accounts Payable 7,000 Accounts Receivable 46,000 Debt 19,000 Inventory 33,000 Other Liabilities 24,485 Property Plant & Equipment, Gross 239,000 Total Liabilities 50,485 Accumulated Depreciation 76,000 Paid-In Capital 73,000 Property Plant & Equipment, Net 163,000 Retained Earnings 237,515 Other Assets 18,000 Total Equity 310,515 Total Assets 361,000 Total Liabilities & Equity 361,000 Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $8,800,000 COGS of 35% of Sales Interest of $80,000 Other Expenses of $200,000 SG&A of $1,760,000 Tax Rate of 36% What is the net income in the first quarter of 2020? Note: Revenue and expense 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 completed income statement)