Below is a list of the general ledger account totals from the trial balance at the end of 2020 for the business.

Name of Account Dr Cr

Cash ?

Inventory 15,000

Accounts Receivable ?

Prepaid Lease 0

Property Plant & Equipment ?

Accumulated Depreciation ?

Suppliers Accounts Payable 28,000

Taxes Payable 0

Interest Only Bank Loan 55,000

Contributed Capital 10,000

Retained Earnings ?

Credit Sales 175,000

Cash Sales 30,000

Cost of Goods Sold 88,000

Wages Expense 29,000

Lease Expense 8,000

Utilities Expenses 5,000

Interest on Bank Loan 3,000

Dividends Paid 50,000

gross profit = 117,000

operating profit = 75,000

income tax expense = 20,160

net profit after tax = 51840

flat tax rate = 28%

Question1 : Show the journal entries for recording the new taxes payable and calculate the total inventory purchases for 2020 and the total cash amounts paid to suppliers.

Question2 : If total cash receipts from accounts receivable were $175,000, calculate the end of year balance for accounts receivable.

Please answer these question with full details.