White Toy Company reported the following comparative balance sheet:

Requirements
1. Compute the collections from customers during 2016 for White Toy Company. Sales Revenue totaled $136,000.
2. Compute the payments for inventory during 2016. Cost of Goods Sold was $80,000

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WHITE TOY COMPANY Comparative Balance Sheet December 31, 2016 and 2015 2015 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses S 17,000 15,000 47,000 87,000 1,500 58,000 75,000 2,500 Long-term Assets: Plants Assets, Net 183,000 90,000 S459,500 423,500 228,000 79,000 Investments Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Accrued Liabilities Long-term Liabilities: Notes Payable 45,000 41,000 19,000 15,000 21,500 5,000 66,000 70,000 145,000 Total Liabilities 137,500 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 41,000 281,000 322,000 $459,500 37,000 241,500 278,500 S 423,500