Reference no: EM132058926

Question - The comparative balance sheet of HULT Company, for 2014 & 2013 appears below in condensed form:

	2014	2013
Cash	$ 68,000	$ 42,500
Accounts receivable (net)	61,000	70,200
Inventories	121,000	205,000
Prepaid Rent Equipment, net	2,500 359,500	4,000 246,000
	$612,000	$567,700
Accounts payable	$ 54,750	$ 122,250
Dividends payable	5,000	0
Common stock	425,000	350,000
Retained earnings	127,250	95,450
	$612,000	$567,700

Additional data for the current year are as follows:

• Sales of 2014 were $950,000
• Cost of goods sold $410,000
• Rent expense $32,000
• Net income, $71,800.
• Depreciation expense, $12,000

Required:

1) Determine the amount of cash would HULT collect from its customers during 2014.

2) Determine the amount of cash HULT paid for rent during 2014.

3) Determine the amount of cash HULT paid to suppliers during 2014.