Elite Mobile Homes reported the following in its financial statements for the year ended December 31, 2007 (adapted, in millions):

.Determine the following for Elite Mobile Homes during 2007:

a. Collections from customers

b. Payments for inventory

c. Payments of operating expenses

d. Acquisitions of property and equipment (no sales during 2007)

e. Borrowing, with Elite paying no long-term liabilities

f. Cash receipt from issuance of common stock (p. ~94) g. Payment of cash dividends

For computing the operating cash flows, follow the approach outlined in Exhibit 16A-6.

Exhibit 16A-6

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2007 2006 Income Statement Net sales.............. Cost of sales..... Depreciation Other operating expenses.. Income tax expense....... Net income $24,623 $21,207 18,048 15,466 269 230 4,883 4,248 537 486 $ 886 $ 777 Balance Sheet Cash and equivalents........... $ 17 $ 13 Accounts receivable. 798 615 Inventories........... 3,482 2,831 Property and equipment, ne............ 4,345 3,428 Accounts payable............. 1,547 1,364 Accrued liabilities. 938 848 Long-term liabilities....... 478 464 Common stock 676 446 Retained earnings. 4,531 3,788