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Mega Screens, Inc., reports net sales of $2,950,000, cost of goods sold of $1,750,000, and income tax expense of $145,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows: MEGA SCREENS, INC. Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) Cash $ 147,500 $ 190,000 $ 42,500 (D) Accounts receivable 280,000 227,500 52,500 (I) Inventory 122,500 160,000 37,500 (D) Accounts payable 117,500 132,000 14,500 (D) Income tax payable 22,500 15,500 7,000 (I) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.

Respuesta :

TomShelby

Answer:

Colected from customer        3,002,500

paiment to supplier                  1,773,000

Taxes paid                                   152,000

Explanation:

Account Receivable beginning 280,000

Sales                                         2,950,000

Total sales to collect                 3,230,000

Account receivable ending        (227,500)

AKA Not collected

Colected from customer        3002,5

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To calculate cash paid to suppliers

Beginning Payable     117,500

Purchases(A)           1,787,500

Amount to paid      1,905,000

Ending Payable      (132,000)

AKa not paid

Total Payments done 1,773,000

(A)

We can use the inventory Identity to solve for purchases

[tex]$Beginning Inventory + Purchase = Ending Inventory + COGS[/tex]

Inventory beginning   122,500

COGS                       1,750,000

Ending Inventory       160,000

Purchase = Ending + COGS - Beginning

Purchase = 160,000 + 1,750,000 - 122,500 = 1787,5

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Taxes

beginning        22,500

tax expense   145,000

total taxes       167,500

ending            (15,500)

Taxes paid     152,000

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