Cash Receipts and Payments Lazard Company had sales of $783,400 for the year. The company reported accounts receivable of $87,500 at the end of last year and

$77,600 at the end of this year. Lazard’s cost of goods sold this year was $510,000. In last year’s balance sheet, Lazard reported inventory of $131,000 and accounts payable of

$53,700. In this year’s balance sheet, Lazard reported inventory of $142,600 and accounts payable of $55,900.

a. How much cash did Lazard collect from customers during the year?

b. How much cash did Lazard pay to suppliers for inventory during the year?