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

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