Problem 2. Use the direct method and the following information to answers questions 1-5. Show your work next to each question. Ending Beginning Balance Balance Accounts Receivable $50,000 $60,000 Inventory $15,000 $10,000 Prepaid Insurance $10,000 $5,000 Accounts Payable - Inventory $15,000 $18,000 Wages Payable $5,000 $10,000 Taxes Payable $5,000 $4,000 Sales $120,000 Cost of Goods Sold $80,000 Insurance Expense $12,000 Wage Expense $18,000 Tax Expense $8,000 (1) Calculate the cash collected from customers. (a) $110,000 (b) $10,000 (c) $130,000 (d) $120,000 (2) Calculate the cash paid for inventory. (a) $83,000 (b) $88,000 (c) $85,000 (d) $3,000 (3) Calculate the cash paid for insurance. $17,000 (b) $5,000 (c) $7,000 $22,000 Calculate the cash paid for wages. $23,000 (b) $13,000 (e) $5,000 (d) $15,000 (5) Calculate the cash paid for taxes. (a) $8,000 (b) $1,000 (c) $9,000 (d) $7,000 (4)