Inland Medical Supply, Inc., reported the following financial statements for 2018:

Requirement

Use the information in Inland Medical Supply, Inc.’s financial statements to compute the following:

a. Collections from customers

b. Payments for inventory

Transcribed Image Text:

Inland Medical Supply, Inc. Income Statement Year Ended December 31, 2018 Revenue: Sales Revenue $684,000 Expenses: Cost of Goods Sold Depreciation Expense Other Expenses Total Expense $334,000 61,000 192,000 587,000 Net Income $ 97,000