Pilgrim Canopies, Inc., reported the following selected amounts in its financial statements for the year ended December 31, 2018:

Requirement

1. Determine the following for Pilgrim Canopies, Inc., during 2018:

a. Collections from customers

b. Payments for inventory

c. Payments of other operating expenses

d. Acquisitions of property and equipment; no sales were made during 2018

e. Long-term borrowing, assuming Pilgrim Canopies, Inc., made no payments on long-term liabilities

f. Proceeds from issuance of common stock

g. Payment of cash dividends

Transcribed Image Text:

Income Statement 2017 2018 Net Sales.. Cost of Goods Sold. Depreciation Expense.. Other Operating Expenses. Income Tax Expense. Net Income .. $346,300 $311,800 180,700 158,200 26,900 23,200 44,800 47,600 22,700 20,200 68,400 65,400 Balance Sheet 2018 2017 Cash and Cash Equivalents. Accounts Receivable . Inventories. $ 17,800 $ 14,300 16,100 18,400 34,700 31,200 288,600 245,300 16,200 Property and Equipment, Net. Accounts Payable. Accrued Liabilities.. Long-Term Liabilities Common Stock. Retained Earnings.. 14,900 8,100 150,000 122,000 86,000 10,700 102,000 80,600 75,900