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Thompson Turf Trimmers, Inc., reported the following financial statements for 2021: (Click the icon to view the income statement.) (Click the icon to view the
Thompson Turf Trimmers, Inc., reported the following financial statements for 2021: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheets.) Calculate the following; enter all amounts in thousands. a. Collections from customers b. Payments for inventory a. Calculate the collections from customers The collections from customers, in thousands, is Data table Data table Thompson Turf Trimmers, Inc. Comparative Balance Sheets December 31, 2021 and 2020 Thompson Turf Trimmers, Inc. Income Statement Year Ended December 31, 2021 (In thousands) Assets 2021 2020 Liabilities 2021 2020 Current: Current: Cash 24 $ 20 (In thousands) $ 790 Accounts receivable 53 48 Accounts payable Salary payable $ 56 $ 46 29 25 Service revenue Inventory 75 86 Accrued liabilities 16 19 Cost of goods sold 400 Prepaid expenses 12 11 Long-term note payable 67 54 Salary expense 30 Plant assets, net 223 182 Depreciation expense 10 Long-term investments 61 200 Other expenses 80 Stockholders' Equity Common stock 48 38 640 Total expenses 232 245 Retained earnings $ 150 Net income $ 448 $ 427 $ 448 $ 427 Total Total Print Done Print Done - X
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