Red Toy Company reported the following comparative balance sheet

Requirements

1. Compute the collections from customers during 2024 for Red Toy Company. Sales Revenue totaled $134,000.
2. Compute the payments for inventory during 2024. Cost of Goods Sold was $79,000.

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Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Long-term Assets: Plants Assets, Net Investments Total Assets Current Liabilities: Accounts Payable Salaries Payable Accrued Liabilities Long-term Liabilities: Notes Payable RED TOY COMPANY Comparative Balance Sheet December 31, 2024 and 2023 Total Liabilities Assets Liabilities Stockholders' Equity Common stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 2024 $ 21,000 53,000 76,000 3,100 221,000 77,000 $ 451,100 $ 42,000 25,000 7,000 61,000 135,000 45,000 271,100 316,100 $ 451,100 2023 $ 17,000 42,000 88,000 2,100 185,000 91,000 $ 425,100 $ 38,000 20,000 16,000 69,000 143,000 40,000 242,100 282,100 $ 425,100