Question Help X S14A-14 (book/static) Red Toy Company reported the following comparative balance sheet: (Click on the icon to view the comparative balance sheet.) Requirements 1. Compute the collections from customers during 2018 for Red Toy Company, Sales Revenue totaled $134,000 2. Compute the payments for inventory during 2018. Cost of Goods Sold was $79,000 Requirement 1. Compute the collections from customers during 2018 for Red Toy Company, Salos Revenue totaled $134,000 Select the labels and enter the amounts to compute the collections from customers. (Abbreviations used: Bog, Beginning.) Collections from Sales Revenue Bog, Accounts Receivable Ending Accounts Receivable Customers $ 134,000 $ 42,000 53,000 $ - $ 123,000 50.00 Requirement 2. Compute the payments for inventory during 2018 Cost of Goods Sold was $79,000 Select the labels and enter the amounts to compute the payments for inventory (Abbreviations used: Beg. Aocts Pay. = Beginning Accounts Payable; Bog Accts Rec. = Beginning Accounts Receivable; Bog, Merch. Inv. Beginning Merchandise Inventory: COGS = Cost of Goods Sold: Liab. = Liabilities: End. Accts Pay. = Ending Accounts Payable: End. Accts Rec. - Ending Accounts Receivable: End Merch. Inv. - Ending Merchandise Inventory. Long- ferm Liab. Long-term Liabilities; Prepaid Exp. Prepaid Expense; Ret Earnings Retained Earnings: Salaries Pay. = Salaries Payable: Sales Rev. Sales Revenue.) monts for Red Toy Corporation Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Long-term Assets Plants Assets, Net 21,000 $ 53,000 76,000 3,100 17,000 42,000 88,000 2,100 Investments 221,000 77,000 451,100 $ 185,000 91,000 425,100 $ Total Assets Liabilities $ 42,000 $ 25,000 7,000 38,000 20,000 16,000 Current Liabilities: Accounts Payable Salaries Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 61,000 135,000 69,000 143,000 45,000 271,100 316.100 451,100 $ 40,000 242.100 282,100 425,100 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ Print Done