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Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income tax expense of $139,000 for the year ended December
Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income tax expense of $139,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows: MEGA SCREENS, INC. Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Accounts payable Income tax payable 2021 $ 144,500 274,000 119,500 114,500 19,500 2020 $184,000 224,500 154,000 126,000 14,900 Increase (I) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (D) 11,500 (D) 4,600 (1) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes. Cash received from customers Cash paid to suppliers Cash paid for income taxes
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