Question

Use the starting balance sheet, income statement, and the list of changes to answer the question.

Siam Traders Balance Sheet As of December 31, 2019 (amounts in thousands)
Cash	38,000	Liabilities	21,000
Other Assets	25,000	Equity	42,000
Total Assets	63,000	Total Liabilities & Equity	63,000

Siam Traders Income Statement January 1 to March 31, 2020 (amounts in thousands)
Revenue	6,700
Expenses	4,200
Net Income	2,500

Between January 1 and March 31, 2020:

1. Cash decreases by $200,000
2. Other Assets increase by $300,000
3. Paid-In Capital does not change
4. Dividends paid of $300,000

What is the value for Liabilities on March 31, 2020?

Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

Answer 1