Norton Medical Company reported the following financial statements for 2012: Use the information in Norton Medical Companys

Norton Medical Company reported the following financial statements for 2012:

Use the information in Norton Medical Company’s financial statements to compute the following:
1. Collections from customers
2. Payments forinventory

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Norton Medical Company Income Statement Year Ended December 31, 2012 Revenue (in thousands) $701 Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Other Expenses $334 61 Total Expense Net Income 585 $116 Norton Medical Company Comparative Balance Sheet December 31, 2012 and 2011 (in thousands) ASSETS 2012 2011 LIABILITIES 20122011 Current Current: 30 S 10 Accounts Payable S54 21 36 Accounts Receivable Inventory Prepaid Expenses 43 Salaries Payable 94 Accrued Liabilities 4 Long-Term Notes Payable 63 64 75 91 Long-Term Investments Fixed Assets, Net 72 223 178 STOCKHOLDERS EQUITY Common Stock Retained Earnings Total Liabilities and 41 290 31 256 , 1-741 $420 474 S420 Stockholders' Equity S474 $420 Total Assets