Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax
Question:
Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax expense of $150,000 for the year ended December 31, 2024. Selected balance sheet accounts are as follows:
Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
Transcribed Image Text:
Cash Accounts receivable Inventory Accounts payable Income tax payable MEGA SCREENS, INC. Selected Balance Sheet Data December 31 2024 $150,000 285,000 125,000 120,000 25,000 2023 $195,000 230,000 165,000 137,000 16,000 Increase (I) or Decrease (D) $45,000 (D) 55,000 (1) 40,000 (D) 17,000 (D) 9,000 (1)
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