Question $7(10$ marks$)$: Compulsory

The Financial statements of XYZ Co$,$ for $2016$ and $2015$ are provided below.

Property, plant and equipment

Less accumulated depreciation

Inventory

Accounts receivable

Cash

Share capital$-$ordinary

Retained earnings

Bonds payable

Income taxes payable

Accounts payable

STATEMENT OF FINANCIAL POSITION

The following additional data were provided:

All depreciation expense is in the selling expense category.

Required:

For XYZ Co$.$

Using the Direct Method, calculate $(1)$ cash collections from Customers, $(2)$ cash payments to suppliers,

and $(3)$ cash payments to taxes.