Question: Data for the next 4 questions: Selected numbers from financial statements of Polo Merchandising Company are given in the below. Balance Sheets As of Dec.
Data for the next 4 questions: Selected numbers from financial statements of Polo Merchandising Company are given in the below.
| Balance Sheets | ||
|
| As of Dec. 31 | |
| Assets | 2017 | 2016 |
| Cash | $14,400 | $16,500 |
| Accounts receivable | 219,600 | 88,000 |
| Inventory | 170,400 | 106,700 |
| Accounts payable | 177,360 | 55,440 |
| Income taxes payable | 36,000 | 15,840 |
| Retained earnings | 113,040 | 66,220 |
|
| Income Statements | |
|
| 2017 | 2016 |
| Sales | $2,020,800 | $1,375,000 |
| Cost of goods sold | 1,112,400 | 891,000 |
| Income Tax Expense | 36,000 | 15,840 |
| Net income | $54,000 | $23,760 |
Q21. How much did company collect cash from customers during 2017?
Q22. How much did company pay cash to vendors supplying merchandise during 2017?
The balance of Accounts payable pertains to vendors.
Q23. How much did company pay cash to IRS during 2017?
Q24. How much did company pay dividends to its shareholders during 2017?
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