Question: Tip Top, Inc., reported the following in its financial statements for the year ended May 30, 2010 (in thousands): Requirement 1. Determine the following cash

Tip Top, Inc., reported the following in its financial statements for the year ended May 30, 2010 (in thousands):

Tip Top, Inc., reported the following in its financial statement

Requirement
1. Determine the following cash receipts and payments for Tip Top, Inc., during 2010:
(Enter all amounts in thousands.)
a. Collections from customers
b. Payments for inventory
c. Payments for other operating expenses
d. Payment of income tax
e. Proceeds from issuance of common stock
f. Payment of cashdividends

Income Statement $23,984 $21,674 1 5 3 2 Other operating expenses Income tax expense 1,281 1,273 Cash and equivalents Accounts receivable 3 Property and equipment, ne.4,346 3,436 1 3 9 4

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All amounts in thousands Decrease in Sales Accounts Receivable a Collections 23995 23984 6... View full answer

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