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versus Accrual Basis Net Income LO3-3, 3-4 [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 Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment Accumulated depreciation-office equipment* $ 1,910 Accounts payable 420 Unearned revenue 3,580 Salaries Payable 160 Short-term note payable 4,730 Common stock ($1 par value) 1,540 Additional paid-in capital (470) Retained earnings 220 1,330 880 790 60 6,570 2,020 *This account has a credit balance representing the portion of the cost of the equipment used in the past. a. Received $9,510 cash for consulting services rendered. b. Issued 12 additional shares of common stock at a market price of $125 per share. c. Purchased $650 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. d. Received $900 from clients for consulting services to be performed in the next year. e. Bought $480 of supplies on account. f. Incurred and paid $1,810 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,630, due from clients in the next year. h. Received $2,990 from clients paying on their accounts. i. Incurred $6,220 in salaries in the current year, paying $5,310 and owing the rest (to be paid next year). j. Purchased $1,240 in short-term investments and paid $810 for insurance coverage beginning in the next fiscal year. k. Received $15 in interest revenue earned in the current year on short-term investments. E3-13 Part 3 3. Using the data from the T-accounts, amounts for the following at the end of the current year were (Enter your answers in thousands, not in dollars. Round your final answers to nearest whole dollar.) Revenues Assets Expenses = Liabilities = Net income + Stockholder's equity