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Mega Screens, Inc., reports net sales of $2,800,000, cost of goods sold of $1,600,000, and income tax expense of $142,000 for the year ended December
Mega Screens, Inc., reports net sales of $2,800,000, cost of goods sold of $1,600,000, and income tax expense of $142,000 for the year ended December 31, 2015. Selected balance sheet accounts are as follows MEGA SCREENS, INC Selected Balance Sheet Data December 31 Increase () or 2015 2014 Decrease (D) $146,000 $187,000 $41,000 (D) 277,000 226,000 51,000 (1) 121,000 157,000 36,000 (D) 116,000 129,000 13,000 (D) 5,800 (1) Accounts receivable Inventory Accounts payable Income tax payable 21,000 15,200 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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