Cash Problem #1 The following information is shown in the accounting records of a company: Balances as of January 1, Year 1 Balances as of December 31, Year 1 Cash $31,000 Merchandise Inventory $ Merchandise Inventory $43,000 Accounts Receivable Accounts Receivable $33,500 Accounts Payable SSS 39,000 $ 45,500 $ 24,000 Accounts Payable $26,500 . Total Sales and Cost of Goods Sold for Year 1 were $399,000 and $292,000, respectively. All sales and all merchandise purchases were made on credit. Various operating expenses of $55,000 were paid in cash. Assume that there are no other pertinent transactions