owell Company's current-year income statement reports the following. Sales $471,000 Cost of goods sold 270,000 Gross profit $201,000 Comparative balance sheets show the following (accounts payable relate to merchandise purchases). End of Year Beginning of Year Accounts receivable $40,800 $36,000 Inventory 65,400 59,400 Prepaid expenses 1,200 4,800 Accounts payable 18,600 21,600 a. Compute current-year cash received from customers. $Answer b. Compute cash paid for merchandise purchased. $