Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax

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Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax expense of $150,000 for the year ended December 31, 2015.
Selected balance sheet accounts are as follows:

Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for incometaxes.ss

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jul 15, 2014 04:49 AM

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Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax

Question:

MEGA SCREENS, INC. Selected Balance Sheet Data December 31 2015 2014 Increase () or Decrease (D) Cash Accounts receivable Inventory Accounts payable Income tax payable $150,000 $195,000 285,000 230,000 125,000 165,000 120,000 137,000 25,000 16,000 $45,000 (D) 55,000 (b 40,000 (D) 17,000 (D) 9,000 (

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Net sales 3200000 Increase in accounts receivable 55000 Cash receive...View the full answer

Financial Accounting

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