Techno Toys Ltd. had the following comparative balance sheet:

Compute the following for Techno Toys Ltd.:
a. Collections from customers during 2017. Sales totaled $420,000.
b. Payments for inventory during 2017, assuming the change in Accounts Payable is due to inventory. Cost of goods sold was $240,000.

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TECHNO TOYS LTD Balance Sheet December 31,2017 and 2016 Assets 2017 2016 Liabilities 2017 2016 Current Current Cash Accounts receivable 162,000 144,000 Salary payable Inventory Prepaid expenses $57,000 48,000 Accounts payable $141,000 $126,000 69,000 63,000 240,000 232,000 Accrued liabilities 24,000 33,000 9,000 6,000 Long-term notes payable 198,000 204,000 Long-term investments 225,000 270,000 Shareholders' Equity Property and 120,000 111,000 675,000 575,000 Retained earnings 816,000 738,000 $1,368,000 $1,275,000 Common shares equipment, net Total $1,368,000 $1,275,000 Total