q27

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Wellington, Inc. uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2019 Wellington, Inc. Comparative Balance Sheet December 31, 2019 and 2018 Increase 2019 2018 (Decrease) Cash $34,800 $16,700 $18,100 Accounts Receivable 26.200 31,300 (5.100) Merchandise Inventory 57.000 30,000 27000 PPRE.net 126,000 92.000 34.000 Total Assets $244,000 $120,000 $74,000 A $258,700 OB. $297,400 OC. $293.200 OD $284,900 Wellington, Inc. Comparative Balance Sheet December 31, 2019 and 2018 Cash Accounts Receivable Merchandise Inventory PP&E, net Total Assets 2019 $34,800 26,200 57,000 126,000 $244,000 2018 $16,700 31,300 30,000 92,000 $170,000 Increase (Decrease) $18,100 (5,100) 27,000 34,000 $74,000 Accounts Payable Accrued Liabilities Long-term Notes Payable Total Liabilities 9,400 6,700 69,900 $86,000 13,400 2,700 78,900 $95,000 $(4,000) 4,000 (9,000) $(9,000) Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity $55,000 115,000 (12,000) $158,000 $3,000 78,000 (6,000) $75,000 $52,000 37,000 (6,000) $83,000 $244,000 $170,000 $74,000 Wellington, Inc. $290,000 2,300 6,000 Wellington, Inc. Income Statement December 31, 2019 Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salaries and Wages Expense Depreciation Expense-Plant Assets Other Operating Expense Interest Expense Income Tax Expense $298,300 146,200 48,900 16,000 23,900 3,500 7,800 Interest Revenue 2,300 Gain on Sale of Plant Assets 6,000 Total Revenues and Gains $298,300 Cost of Goods Sold 146,200 Salaries and Wages Expense 48,900 Depreciation Expense-Plant Assets 16,000 Other Operating Expense 23,900 Interest Expense 3,500 Income Tax Expense 7,800 Total Expenses 246,300 Net Income $52,000 Use the direct method to compute the total cash receipts from operating activiti