Inland Medical Supply, Inc., reported the following financial statements for 2016:

Use the information in Inland Medical Supply, Inc.’s financial statements to compute the following:
1. Collections from customers
2. Payments for inventory?

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Inland Medical Supply, Inc. Income Statement Year Ended December 31, 2016 Revenue: Sales Revenue $684,000 Expenses: Cost of Goods Sold Depreciation Expense Other Expenses Total Expense $334,000 61,000 192,000 587,000 $ 97,000 Net Income Inland Medical Supply, Inc. Comparative Balance Sheet December 31, 2016 and 2015 LIABILITIES Current: Accounts Payable Salaries Payable ASSETS 2016 2016 2016 2016 Current: $ 25,000 $ 10,000 63,000 $ 55,000 $ 32,000 21,000 4,000 62,000 Cash Accounts Receivable 43,000 11,000 84,000 Inventory Prepaid Expenses Long-Term Investments Fixed Assets, Net 77,000 10,000 72,000 Accrued Liabilities 9,000 75,000 4,000 Long-Term Notes Payable 91,000 226,000 180,000 STOCKHOLDERS' EQUITY Common Stock 41,000 30,000 Retained Earnings 290,000 255,000 Total Liabilities and Total Assets $473,000 $412,000 Stockholders' Equity $473,000 $412,000