A Moving to another question will save this response. Question 7 The following comparative statement of financial position for Dubai Co. is given for the financial periods 2019 and 2020: 2020 2019 PPE $430,000 $395,000 Accumulated depreciation of PPE (160,000) (135,000) Copyrights 50,000 58,000 Receivables 16,000 10,000 Inventory 60,000 70,000 Prepaid expenses 63,000 49,000 Cash 172,000 71,000 $661,000 $518,000 Do Capital- preferred shares Premium on preferred shares Common stock Retained earnings Bond payable Accounts payable Accrued liabilities $42,000 150,000 66,000 40,000 87,000 60,000 216,000 $581,000 23,000 160,000 56,000 34,000 45,000 200,000 $518,000 The income statement for 2020 is as follows: Net sales $760,000 Cost of goods sold 173.000 Gross profit 289,000 Operating expenses 210.000 Net income $79.000 Required: 2 Required: Compute the following using the Direct Method (Show your calculations). 1. How much is the cash received from customers? 2. How much is the cash paid to suppliers? 3. How much is the operating expenses paid? For the toolbar, press ALT+F10 (PO) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt III V E III . TT 1 2 E EXA , TO c