During 20X1, Schubert, Inc., earned revenues of $19 million from the sale of its products. Schubert ended the year with net income of $4 million. Schubert collected cash of $20 million from customers and paid cash for all 20X1 expenses plus an additional $3 million on account for amounts payable at the end of 20X0. Answer these questions about Schubert's operating results, financial position, and cash flows during 20X1:

1. How much were Schubert's total expenses? Show your work.

2. Identify all the items that Schubert will report on its income statement for 20X1. Show each amount.

3. Schubert began 20X1 with receivables of $6 million. All sales are on account. What was

Schubert's receivables balance at the end of 20X1? Identify the appropriate financial statement and show how Schubert will report its ending receivables balance in the company's 20X1 annual report.

4. Schubert began 20X1 owing accounts payable of $9 million. Schubert incurs all expenses on account. During 20X1, Schubert paid $18 million on account. How much in accounts payable did Schubert owe at the end of 20X1? Identify the appropriate financial statement and show how Schubert will report accounts payable in its 20X1 annual report.