Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,200,000, and income...
Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,200,000, and income tax expense of $134,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows:
| MEGA SCREENS, INC. Selected Balance Sheet Data December 31 |
||||||||||
| 2021 | 2020 | Increase (I) or Decrease (D) |
||||||||
| Cash | $ | 142,000 | $ | 179,000 | $ | 37,000 | (D) | |||
| Accounts receivable | 269,000 | 222,000 | 47,000 | (I) | ||||||
| Inventory | 117,000 | 149,000 | 32,000 | (D) | ||||||
| Accounts payable | 112,000 | 121,000 | 9,000 | (D) | ||||||
| Income tax payable | 17,000 | 14,400 | 2,600 | (I) | ||||||
Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
Homework Answers
| Beginning accounts receivable | 222000 |
| (+) Net sales | 2400000 |
| (-) Ending accounts receivable | 269000 |
| Cash received from customers | 2353000 |
| Ending inventory | 117000 |
| (+) Cost of goods sold | 1200000 |
| (-) Beginning inventory | 149000 |
| Purchases | 1168000 |
| Beginning accounts payable | 121000 |
| (+) Purchases | 1168000 |
| (-) Ending accounts payable | 112000 |
| Cash paid to suppliers | 1177000 |
| Beginning income tax payable | 14400 |
| (+) Income tax expense for the year | 134000 |
| (-) Ending income tax payable | 17000 |
| Cash paid for income taxes | 131400 |
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