McCoy Medical Company reported the following financial statements for 2014:

Use the information in McCoy Medical Company€™s financial statements to compute the following:
1. Collections from customers
2. Payments for inventory

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McCoy Medical Company Income Statement Year Ended December 31, 2014 Revenue Sales Revenue $710 Expenses Gost of Goods Sold Depreciation Expense Other Expenses S340 60 200 Total Expense Net Income 600 $110 McCoy Medical Company Comparative Balance Sheet December 31, 2014 and 2013 in thousands ASSETS 2014 LIABILITIES 2014 Current: Current: $ 47 23 $ 42 21 Cash Accounts Receivable Inventory Prepaid Expenses 16 Accounts Payable 54 80 48 84 Salary Payable Accrued Liabilities 2 Long-Term Notes Payable 90 68 Long-Term Investments Plant Assets, Net 75 225 185 SHAREHOLDERS' EQUITY Common Shares Retained Earnings Total Liabilities and 40 272 37 246 Total Assets $456 425 Shareholders' Eqity $456 $425