Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income tax expense of $139,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows: MEGA SCREENS, INC. Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Accounts payable Income tax payable 2020 2021 $144,500 $184,000 274,000 224,500 119,500 154,000 114,500 126,000 19,500 14,900 Increase (1) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (0) 11,500 (0) 4,600 (1)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income tax expense of $139,000 for the
year ended December 31, 2021. Selected balance sheet accounts are as follows:
ances
MEGA SCREENS, INC.
Selected Balance Sheet Data
December 31
Cash
Accounts receivable
Inventory
Accounts payable
Income tax payable
2021
$144,500
274,000
119, see
Cash received from customers
Cash paid to suppliers
Cash paid for income taxes
2020
$184,000
224,500
154,000
126,000
114,500
19,500 14,900
Increase (1)
or
Decrease (D)
$39,500 (D)
49,500 (1)
34,500 (D)
11,500 (D)
4,600 (1)
Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
Transcribed Image Text:M Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income tax expense of $139,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows: ances MEGA SCREENS, INC. Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Accounts payable Income tax payable 2021 $144,500 274,000 119, see Cash received from customers Cash paid to suppliers Cash paid for income taxes 2020 $184,000 224,500 154,000 126,000 114,500 19,500 14,900 Increase (1) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (D) 11,500 (D) 4,600 (1) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
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