Question: Use the Dallas Computer Sales data in SE12-9 to compute the following; enter all amounts in thousands. In SE12-9, Dallas Computer Sales, Inc., reported the
Use the Dallas Computer Sales data in SE12-9 to compute the following; enter all amounts in thousands. In SE12-9, Dallas Computer Sales, Inc., reported the following financial statements for 2014:
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a. Collections from customers
b. Payments forinventory
A1 Dallas Computer Sales, Inc. Income Statement Year Ended December 31, 2014 2 (In thousands) 3 Service revenue 4 Cost of goods sold 5 Salary expense 6 Depreciation ex 7 Otherexpenses 8 Total expenses 9 Net income 10 819 401 60 15 180 656 163 A1 Dallas Computer Sales, Inc. Comparative Balance Sheets 1December 31, 2014 and 2013 2 (In thousands) 3 Assets 4 Current: 5 Cash 6 Accounts receivable 2014 2013 Liabilities 2014 2013 Current 53 58 Accounts payable -1556] S s4 62 53 Salary payable 77 91 Accrued liabilities 17 16 Long-term note payable 75 66 65 255 195 Stockholders' Equity 26 13 Inventory 16 8 Prepaid expenses 9 Long-term investments 10 Plant assets, net Common stock Retained earnings 46 309 297 529 $ 501 50 12 13 Total 14 529501 Total
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