You receive an order from a customer just before the fiscal year ends. The sale is for 100,000$ and you will fill it from your inventories (that will reduce by 60,000$). The customer pays 20,000$ in cash and gives a check for the rest post-dated to the end of next month (i.e., due in the next year). Assume that the company has zero interest-bearing debt and a zero tax rate.

1. What will be the change in your net income (Income Statement)?

2. What will be the change in your cash (Cash Flow Statement)?

3. What will be the change in your assets (Balance Sheet)?