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Data for the next 4 questions: Selected numbers from financial statements of Polo Merchandising Company are given in the below. Balance Sheets As of Dec.

Data for the next 4 questions: Selected numbers from financial statements of Polo Merchandising Company are given in the below.

Balance Sheets

As of Dec. 31

Assets

2017

2016

Cash

$14,400

$16,500

Accounts receivable

219,600

88,000

Inventory

170,400

106,700

Accounts payable

177,360

55,440

Income taxes payable

36,000

15,840

Retained earnings

113,040

66,220

Income Statements

2017

2016

Sales

$2,020,800

$1,375,000

Cost of goods sold

1,112,400

891,000

Income Tax Expense

36,000

15,840

Net income

$54,000

$23,760

Q21. How much did company collect cash from customers during 2017?

Q22. How much did company pay cash to vendors supplying merchandise during 2017?

The balance of Accounts payable pertains to vendors.

Q23. How much did company pay cash to IRS during 2017?

Q24. How much did company pay dividends to its shareholders during 2017?

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