Problem $3$: Last Call

You receive an order from a customer just before the fiscal year ends $($late December$).$ The sale is for $$100,000$ and you will fulfill it from your inventories, which will reduce by $$40,000.$ The customer pays $$20,000$ in cash and the rest with a post$-$dated check 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.

What will be the change in net income $($Income Statement$)?$

What will be the change in cash $($Cash Flow Statement$)?$

What will be the change in assets $($Balance Sheet$)?$