Question: Selected financial statement information for Textile Co. appears below: Balance Sheet accounts Jan. 1, 2014 Dec. 31, 2014 Inventory $210,000 $340,000 Accounts Receivable $85,000 $60,000
Selected financial statement information for Textile Co. appears below:
| Balance Sheet accounts | Jan. 1, 2014 | Dec. 31, 2014 |
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| Inventory | $210,000 | $340,000 |
| Accounts Receivable | $85,000 | $60,000 |
| Income Statement (partial) | For the year ended Dec. 31, 2014 |
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| Sales | $824,000 |
| Cost of Goods Sold | ($658,000) |
| Gross Profit | $166,000 |
Calculate (1) the amount of cash collected from customers and (2) the amount of cash spent on inventory for 2014 by Textile Co.
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