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The following selected account balances are from a merchandising company's records: 12/31/2019 12/31/2018 Accounts Receivable $ 92,000 $ 98,000 Merchandise Inventory 121,600 116,000 Accounts Payable
The following selected account balances are from a merchandising company's records:
12/31/2019 12/31/2018
Accounts Receivable $ 92,000 $ 98,000
Merchandise Inventory 121,600 116,000
Accounts Payable 45,000 50,000
Taxes Payable 9,000 7,600
For the year Ended 12/31/2019:
Sales $652,000
Cost of Goods Sold 399,000
Tax Expense 22,000
Required: (a) Calculate cash received from customers in 2019.
(b) Calculate cash paid for inventory in 2019.
(c) Calculate cash paid for taxes in 2019.
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