Determining Cash Receipts and Payments Assuming the following data, compute:

1. Cash collected from customers.

2. Cash paid for wages and salaries.

3. Cash paid for inventory purchases.

4. Cash paid for taxes.

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Income Statement Amount for Year Balance Sheet Beg. of Year End of Year Sales revenue Accounts receivable (net) Wages and salaries expense $450,000 $28,000 $33,000 95,000 Wages and salaries payable 11,000 8,000 Cost of goods sold 220,000 Accounts payable 23,500 21,000 Inventory Income tax expense Income taxes payable 22,000 25,000 40,000 19,000 20,500