Lagos Toy Company reported the following comparative balance sheet:

Compute for Lagos:

a. Collections from customers during 2009. Sales totaled $140,000.

b. Payments for inventory during 2009. Cost of goods sold was $80,000. 

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LAGOS TOY COMPANY Comparative Balance Sheet December 31, 2009 and 2008 Current: Cash Assets 2009 $ 19,000 $ 16,000 2008 Liabilities 2009 2008 Current: Accounts receivable 54,000 48,000 Accounts payable Salary payable $ 47,000 $ 42,000 23,000 21,000 Inventory 80,000 84,000 Accrued liabilities 8,000 11,000 Prepaid expenses 3,000 2,000 Long-term notes payable 66,000 68,000 Long-term investments 75,000 90,000 Stockholders' Equity Plant assets, net 225,000 185,000 Common stock Retained earnings 40,000 37,000 272,000 246,000 Total $456,000 $425,000 Total $456,000 $425,000