Use the Motorsports of Miami data in Short Exercise to compute the following: (Enter all amounts in thousands.)
Motorsports of Miami, Inc.
Income Statement
Year Ended December 31, 2010
(In thousands)
Service revenue......................... $770
Cost of goods sold.................... 330
Salary expense.......................... 40
Depreciation expense ............... 30
Other expenses......................... 170
Total expenses.......................... 570
Net income .............................. $200

a. Collections from customers
b. Payments forinventory

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Motorsports of Miami, Inc. Comparative Balance Sheets December 31, 2010 and 2009 (In thousands) Assets Current: 2010 2009 Liabilities Current: 2010 2009 Cash Accou Inventory Prepaid expenses. $ 28 11 54 43 77 89 Accounts payable... 48 26 16 69 Salary payable.. Accrued liabilities nts receivable 24 19 54 Long-term investments Plant assets, net 54 79 229 188 Stockholders' Equity Common stock Retained earnings241 Total 48 38 Total $448 $415 $448 $415