The following income statement and balance sheet information relate to Madison Industries for the year 2018 (the 2017 balance sheet is the "beginning" balance sheet):

2018 Income Statement:

Sales Revenue

$1,500,000

Cost of goods sold

720,000

Gross profit

780,000

Operating expenses (including $30,000 depreciation)

210,000

Pretax income

570,000

Income tax expense (rate is 30%)

171,000

Net Income

$399,000

Balance Sheet:

2018

2017

Accounts receivable

$70,000

$65,000

Inventory

155,000

142,000

Prepaid expenses

10,000

11,000

Accounts payable

78,000

72,000

Income taxes payable

5,000

4,500

Unearned revenue

10,000

14,000

Compute:

Cash collected from customers

Cash paid to suppliers

Show computations here: