Calculating Operating Cash Flows (Direct Method) Chakravarthy Company's current year income statement reports the following:

Sales	$1,443,750
Cost of goods sold	962,500
Gross profit	$481,250

Chakravarthy's comparative balance sheets show the following (accounts payable relate to merchandise purchases):

	End of Year	Beg. of Year
Accounts receivable	$124,250	$105,000
Inventory	190,750	168,000
Accounts payable	54,250	64,750

Compute Chakravarthy's current-year cash received from customers and cash paid for merchandise purchased.