McCoy Medical Company reported the following financial statements for 2010:

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

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Revenue: Sales Revenue Expenses: McCoy Medical Company Income Statement Year Ended December 31, 2010 Cost of Goods Sold Depreciation Expense Other Expenses Total Expense Net Income McCoy Medical Company Comparative Balance Sheet December 31, 2010 and 2009 $710 $340 60 200 600 $110 (in thousands) ASSETS 2010 2009 LIABILITIES 2010 2009 Current: Current: Cash $ 19 $ 16 Accounts Receivable 54 Inventory 80 Prepaid Expenses 3 Long-Term Investments 75 Plant Assets, Net 225 821225 Accounts Payable $ 47 48 Salary Payable 84 Accrued Liabilities 90 Long-Term Notes Payable STOCKHOLDERS' 428 $ 42 23 66 228 21 11 68 EQUITY Common Stock 40 37 Retained Earnings 272 246 Total Liabilities and Total Assets $456 $425 Stockholders' Equity $456 $425