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$3-15. (Learning Objective 4: Preparing the financial statements) Suppose Hawk Sporting Goods Company reported the following data at March 31, 20X8, with amounts in thousands: Retained earnings, Cost of goods sold.. $142,500 March 31, 20X7 ....... $ 4,000 Cash. 1,700 Accounts receivable....... 37,800 Property and equipment, net . 7,500 Net revenues ..........4 188,000 Share capital... 30,000 Total current liabilities.. 48,000 Inventories 25,000 All other expenses ........ 24,300 Long-term liabilities 8,000 Other current assets ...... 6,400 Dividends ..........mmmmmm 1,200 Other assets..........m... 31,600 Use these data to prepare Hawk Sporting Goods Company's Income Statement for the year ended March 31, 20X8; statement of changes in equity for the year ended March 31, 20X8; and classi- fied Balance Sheet at March 31, 20X8. Use the report format for the Balance Sheet. Draw arrows linking the three statements.E3-31B. (Learning Objective 1: Linking accrual accounting and cash flows) During 20X7, Valley Sales, Inc., earned revenues of (690,000 on account. Valley collected (650,000 from customers during the year. Expenses totaled 6500,000, and the related cash payments were 6440,000. Show what Valley would report on its 20X7 Income Statement under the a. cash basis. b. accrual basis. Compute net income under both bases of accounting, Which basis measures net income better? Explain your