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Selected financial statement information for Filmco appears below: Balance Sheet accounts Jan. 1, 2010 Dec. 31, 2010 Inventory $210,000 $90,000 Accounts Receivable $85,000 $45,000 Income
Selected financial statement information for Filmco appears below:
Balance Sheet accounts | Jan. 1, 2010 | Dec. 31, 2010 |
Inventory | $210,000 | $90,000 |
Accounts Receivable | $85,000 | $45,000 |
Income Statement (partial) | For the year ended Dec. 31, 2010 |
Sales | $900,000 |
Cost of Goods Sold | $730,000 |
Gross Profit | $170,000 |
Calculate :
the amount of cash collected from customers and
the amount of cash spent on inventory for 2010 by Filmco.
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