Mega Screens, Inc., reports sales revenue of $2,700,000, cost of goods sold of $1,500,000, and income tax

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Mega Screens, Inc., reports sales revenue of $2,700,000, cost of goods sold of $1,500,000, and income tax expense of $140,000 for the year ended December 31, 2012. Selected balance sheet accounts are as follows:

Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.

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Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jan 16, 2017 10:37 AM

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Mega Screens, Inc., reports sales revenue of $2,700,000, cost of goods sold of $1,500,000, and income tax

Question:

MEGA SCREENS, INC Selected Balance Sheet Data December 31 2012 2011Increase() or Decrease (D) Cash Accounts receivable Inventory Accounts payable Income tax payable $145,000 $185,000 275,000 225,000 120,000 155,000 115,000 127,000 20,000 15,000 $40,000 (D) 50,000 () 35,000 (D) 12,000 (D) ,000

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Sales revenue 2700000 Increase in accounts receivable 50000 Cash rece...View the full answer

Financial Accounting

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