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financial statements for 2018: Revenue: Sales revenue $716,000 Expenses: Cost of goods sold $333,000 Depreciation expense 62,000 Other expenses 196,000 Total expenses 591,000 Net income
financial statements for 2018: Revenue: Sales revenue $716,000 Expenses: Cost of goods sold $333,000 Depreciation expense 62,000 Other expenses 196,000 Total expenses 591,000 Net income $125,000. December 31, 2018 and 2017 Assets 2018 2017 Liabilities 2018 2017 Current: Current: Cash $23,000 $20,000 Accounts payable $56,000 $38,000 Accounts receivable 65,000 49,000 Salaries payable 29,000 11,000 Inventory 72,000 91,000 Accrued liabilities 1,000 12,000 Prepaid expenses 4,000 3,000 Long-term notes payable 55,000 78,000 Long-term investments 80,000 100,000 Stockholders' Equity Fixed assets, net 226,000 183,000 Common stock 47,000 27,000 Retained earnings 282,000 280,000 Total Liabilities and Total Assets $470,000 $446,000 Stockholders' Equity $470,000 $446,000. Use the information in White Medical Supply, Inc.'s financial statements to compute the following: 1. Collections from customers 2. Payments for inventory
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