Top Notch, Inc., reported the following in its financial statements for the year ended May 31, 2016 (in thousands):

Requirement
1. Determine the following cash receipts and payments for Top Notch, Inc., during 2016 (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 cash dividends

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A1 2016 2015 2 Income Statement S 23,984 S 21,115 18,08815,333 234 3 Net sales 4 Cost of sales 5 Depreciation 6 Other operating expenses 7Income tax expense 8 Net income 9 Balance Sheet 10Cash and cash equivalents 11 Accounts receivable 12 Inventory 13 Property and equipment,net 14 Accounts payable 15 Accrued liabilities 16 Income tax payable 17 Long-term liabilities 18 Common stock 19 Retained earnings 20 259 3,880 4,248 536 485 815 15 $14 609 2,790 3,425 1366 639 190 597 3,060 4,345 1,549 942 201 476 520 4329 446 3.734