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Calculate cash received from customers

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Reference no: EM132509674

The following selected account balances are from a merchandising company's records:

                                                                 12/31/19              12/31/18

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 12/31/19:
Sales                                                 $652,000

Cost of Goods Sold                                399,000

Tax Expense                                            22,000

Required:

Question (a) Calculate cash received from customers in 2019.

Question (b) Calculate cash paid for inventory in 2019.

Question (c) Calculate cash paid for taxes in 2019.

Reference no: EM132509674

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