Selected financial statement information for Filmco appears below:

Balance Sheet accounts	Jan. 1, 2010	Dec. 31, 2010
Inventory	$210,000	$90,000
Accounts Receivable	$85,000	$45,000

Income Statement (partial)	For the year ended Dec. 31, 2010
Sales	$900,000
Cost of Goods Sold	$730,000
Gross Profit	$170,000

Calculate :

a). the amount of cash collected from customers and

b). the amount of cash spent on inventory for 2010 by Filmco.

Answer rating: 100% (QA)

1 the amount of cash collected from customers 849000 Cash collected from customers Opening Acco... View the full answer