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Data for the next 4 questions: Selected numbers from financial statements of Polo Merchandisinjg Company are given in the below. Balance Sheets As of Dec.
Data for the next 4 questions: Selected numbers from financial statements of Polo Merchandisinjg Company are given in the below. Balance Sheets As of Dec. 31 Assets 2016 S14,400 $16,500 88,000 106,700 55,440 15,840 66,220 2017 Cash Accounts receivable Accounts payable Income taxes payable Retained earnings 219,600 170,400 177,360 36,000 113,040 Income Statements 2016 S2,020,800 $1,375,000 891,000 15,840 S54,000 $23,760 2017 Sales Cost of goods sold Income Tax Expense Net income 1,112,400 36,000 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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