Question: 6. Selected financial statement information for Textile Co. appears below Balance Sheet accounts Jan. 1. 2017 Dec. 31, 2017 $210.000 $340,000 $43,000 Inventory Accounts Receivable

6. Selected financial statement information for Textile Co. appears below Balance

6. Selected financial statement information for Textile Co. appears below Balance Sheet accounts Jan. 1. 2017 Dec. 31, 2017 $210.000 $340,000 $43,000 Inventory Accounts Receivable $85,000 Income Statement (partial) For the year ended Dec. 31, 2017 Sales $824,000 ($658.000) $166,000 Cost of Goods Sold Gross Profit (1). Calculate the amount of cash collected from customers. (2). Calculate the amount of cash spent on inventory for 2017 by Textile Co

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