hello please help with the "new connections" file attached. please take your time and double check final answers before submission. thank you.

Balance sheet 1 1. If Total Assets are $3,500 and Total Liabilities are $2,500 then what is the value of Total Equity? 2. Fill in the missing information from the balance sheet. Siam Traders Balance Sheet As of December 31, 2015 (amounts in thousands) Cash 2,000 Liabilities Other Assets 3,100 Equity Total Assets 2,600 Total Liabilities & Equity What is the value for Liabilities? Please specify your answer in the same units as the balance sheet. 3. Use the starting balance sheet and the list of changes to create an updated balance sheet and to answer the question. Nippon Technology Balance Sheet As of December 31, 2015 (amounts in thousands) Cash 3,700 Liabilities 2,400 Other Assets 3,900 Equity 5,200 Total Assets 7,600 Total Liabilities & Equity 7,600 Between January 1 and March 31, 2016: 1. Cash increases by $500,000 2. Other Assets increase by $300,000 3. Liabilities decrease by $200,000 What is the value for Equity on March 31, 2016? Please specify your answer in the same units as the balance sheet. 4. Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Purchase equipment for $50,000 in cash 2. Borrow $67,000 from a bank What is the net change in Total Liabilities? 5. Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Issue $85,000 in stock 3. Borrow $63,000 from a bank 4. Pay $5,000 owed to a supplier What is the net change in Total Liabilities? 6. Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Borrow $55,000 from a bank 2. Buy $14,000 worth of manufacturing supplies on credit 3. Pay $7,000 owed to a supplier 4. Receive payment of $12,000 owed by a customer 5. Issue $75,000 in stock 6. Purchase equipment for $44,000 in cash 7. Receive payment of $13,000 owed by a customer What is the net change in Total Assets? Statement connections: Use the starting balance sheet, income statement, and the list of changes to answer the question. Hopewell Corporation Balance Sheet As of December 31, 2015 (amounts in thousands) Cash 29,000 Liabilities 24,000 Other Assets 37,000 Equity 42,000 Total Assets 66,000 Total Liabilities & Equity 66,000 Hopewell Corporation Income Statement January 1 to March 31, 2016 (amounts in thousands) Revenue 7,500 Expenses 2,200 Net Income 5,300 Between January 1 and March 31, 2016: 1. Cash decreases by $300,000 2. Liabilities increase by $400,000 3. Paid-In Capital does not change 4. Dividends increases by $500,000 What is the value for Other Assets on March 31, 2016? Please specify your answer in the same units as the financial statements. Use the income statement and the list of changes to answer the question. Lightspeed Industries Income Statement January 1 to December 31, 2015 (amounts in thousands) Revenue Cost of Goods Sold (COGS) Gross Income 9,800 1,960 7,840 Sales, General, & Administrative Expenses (SG&A) 980 Depreciation Expense 800 Other Expenses 400 Earnings Before Interest & Taxes (EBIT) Interest 5,660 170 Pre-Tax Income 5,490 Income Taxes 2,196 Net Income 3,294 Between January 1 and December 31, 2015: 1. Accounts Receivable increase by $500,000 2. Accounts Payable increase by $700,000 3. Gross Property, Plant, & Equipment increase by $9,400,000 4. Long Term Debt decreases by $400,000 Assume no other changes What is the Net Cash Flow? Please specify your answer in the same units as the income statement. Use the starting balance sheet and statement of cash flows to answer the question. Valley Technology Balance Sheet As of December 31, 2015 (amounts in thousands) Cash 97,000 Accounts Payable 15,000 Accounts Receivable 45,000 Debt 29,000 Inventory 38,000 Other Liabilities 8,000 239,000 Total Liabilities 52,000 75,000 Paid-In Capital 73,000 Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets 164,000 Retained Earnings 17,000 Total Equity Total Assets 361,000 Total Liabilities & Equity 236,000 309,000 361,000 Valley Technology Statement of Cash Flows January 1 to March 31, 2016 (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, 2016? Please specify your answer in the same units as the financial statements. Use the balance sheets and information provided about revenue and expenses to answer the question. Torche Corporation Balance Sheet As of December 31, 2015 (amounts in thousands) Cash 147,000 Accounts Payable 24,000 Accounts Receivable 48,000 Debt 37,000 Inventory 38,000 Other Liabilities 50,000 218,000 Total Liabilities 111,000 60,000 Paid-In Capital 60,000 Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net 158,000 Retained Earnings Other Assets 9,000 Total Equity Total Assets 400,000 Total Liabilities & Equity 229,000 289,000 400,000 Torche Corporation Balance Sheet As of March 31, 2016 (amounts in thousands) Cash 152,000 Accounts Payable 20,000 Accounts Receivable 56,000 Debt 38,000 Inventory 41,000 Other Liabilities 64,310 218,000 Total Liabilities 122,310 60,500 Paid-In Capital 60,000 Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net 157,500 Retained Earnings Other Assets Total Assets 7,000 Total Equity 413,500 Total Liabilities & Equity Revenue and expenses information from January 1 to March 31, 2016 were: Sales Revenue of $9,600,000 COGS of 40% of Sales Interest of $70,000 Other Expenses of $400,000 SG&A of $960,000 Tax Rate of 35% What is the net income in the first quarter of 2016? Please specify your answer in the same units as the balance sheets. 231,190 291,190 413,500