Use the information given for Very Heavenly Desserts, Inc., to calculate the following:

a. Cash paid for salaries
b. Cash paid for income taxes
c. Cash paid for inventory items
d. Cash collected from customers
e. Cash proceeds from stockissue

Transcribed Image Text:

From the Financial Statements for Very Heavenly Desserts, Inc. Balance Sheet Income Statement Amount for the Year Beginning of the Year End of the Year Sales revenue Accounts receivable Salary expense Salaries payable Cost of goods sold Inventoryy Accounts payable Income tax expense Income taxes payable Common stock and additional $67,000 $ 8,800 3,000 11,600 $ 3,500 3,250 9,500 18,750 31,200 1,500 1,750 7,500 1,500 1,600 500,000 750,000 paid-in capital