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Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,200,000, and income tax expense of $134,000 for the year ended December
Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,200,000, and income tax expense of $134,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows:
MEGA SCREENS, INC. Selected Balance Sheet Data December 31 | ||||||||||
2021 | 2020 | Increase (I) or Decrease (D) | ||||||||
Cash | $ | 142,000 | $ | 179,000 | $ | 37,000 | (D) | |||
Accounts receivable | 269,000 | 222,000 | 47,000 | (I) | ||||||
Inventory | 117,000 | 149,000 | 32,000 | (D) | ||||||
Accounts payable | 112,000 | 121,000 | 9,000 | (D) | ||||||
Income tax payable | 17,000 | 14,400 | 2,600 | (I) | ||||||
Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
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