Part 1)

Use the starting balance sheet, income statement, and the list of changes to answer the question. Siam Traders Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 38,000 Liabilities 21,000 Other Assets 25,000 Equity 42,000 Total Assets 63,000 Total Liabilities & Equity 63,000 Siam Traders Income Statement January 1 to March 31, 2020 (amounts in thousands) Revenue 6,700 Expenses 4,200 Net Income 2,500 Between January 1 and March 31, 2020: 1. Cash decreases by $200,000 2. Other Assets increase by $300,000 3. Paid-In Capital does not change 4. Dividends paid of $300,000 What is the value for Liabilities on March 31, 20207 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. Stuart Company Income Statement January 1 to December 31, 2019 (amounts in thousands) Revenue 8,800 Cost of Goods Sold (COGS) 2,640 Gross Income 6,160 Sales, General, & Administrative Expenses (SG&A) 880 Depreciation Expense 900 Other Expenses 500 Earnings Before Interest & Taxes (EBIT) 3,880 Interest 110 Pre-Tax Income 3,770 Income Taxes 1,508 Net Income 2,262 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? 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 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. Gulf Shipping Company Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 143,000 Accounts Payable 19,000 Accounts Receivable 41,000 Debt 32,000 Inventory 58,000 Other Liabilities 40,000 Property Plant & Equipment, Gross 210,000 Total Liabilities 91,000 Accumulated Depreciation 62,000 Paid-In Capital 77,000 Property Plant & Equipment, Net 148,000 Retained Earnings 229,000 Other Assets 7,000 Total Equity 306,000 Total Assets 397,000 Total Liabilities & Equity 397,000 Gulf Shipping Company Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 145,000 Accounts Payable 24,000 Accounts Receivable 39,000 Debt 41,000 Inventory 65,000 Other Liabilities 28,053 Property Plant & Equipment, Gross 210,000 Total Liabilities 93,053 Accumulated Depreciation 63,200 Paid-In Capital 77,000 Property Plant & Equipment, Net 146,800 Retained Earnings 230,747 Other Assets 5,000 Total Equity 307,747 Total Assets 400,800 Total Liabilities & Equity 400,800 Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $7,900,000 COGS of 20% of Sales Interest of $100,000 Other Expenses of $300,000 SG&A of $1,580,000 Tax Rate of 38% 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)