Autos of Red Deer Inc. reported the following financial statements for 2014:
Autos of Red Deer Inc.
Income Statement
For the Year Ended December 31, 2014
(in thousands)
Sales revenue.................................................................................................. $710
Cost of goods sold........................................................................................... 340
Salary expense................................................................................................... 70
Depreciation expense......................................................................................... 20
Other expenses................................................................................................. 130
Total expenses................................................................................................. 560
Net income.................................................................................................... $150

Compute the following:
a. Collections from customers
b. Payments for inventory

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Autos of Red Deer Inc. Comparative Balance Sheet As at December 31, 2014 and 2013 (in thousands) Assets Current: 2014 2013 Liabilities 2014 2013 Current 19 16 Accounts payable 59 48 Salary payable Cash Accounts receivable Inventory Prepaid expenses $ 47 $ 42 23 21 75 84 Accrued liabilities 3 2 Long-term notes payable 68 58 ...55 75 Shareholders' Equity Long-term investments Property, plant, and Share capital 225 185 Retained earnings $436 S410 Totals 40 32 250 246 $436 $410 equipment Totals.