Autos of Red Deer Inc. reported the following financial statements for 2017:

Autos of Red Deer Inc.

Income Statement

For the Year Ended December 31, 2017

(In Thousands)

Sales revenue .................................................... $710

Cost of goods sold ............................................... 340

Salary expense ..................................................... 70

Depreciation expense .............................................. 20

Other expense ...................................................... 130

Total expense ...................................................... 560

Net income ........................................................ $150

Compute the following:
a. Collections from customers
b. Payments for inventory?

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Autos of Red Deer Inc. Comparative Balance Sheet As at December 31, 2017 and 2016 2 (in thousands) 3 Assets 4 Current: 2017 2016 Liabilities 2017 2016 Current: Cash Accounts receivable $ 19 59 75 $ 16 48 84 Accounts payable Salary payable Accrued liabilities $ 47 S 42 21 Inventories Prepaid expenses 2 Long-term notes payable 68 58 9 Long-term investments 10 11 Totals 75 Shareholders' Equity Share capital 32 246 S 410 Property, plant, and 225 436 185 Retained earnings $410Tota 40 250 436 equipment 12