Use the Motorcars of Phoenix data in Short Exercise S12-7 to compute the following:

a. Collections from customers
b. Payments for inventory

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Motorcars of Phoenix, Inc. Income Statement Year Ended December 31, 20x6 (In thousands) Sales revenue Cost of goods sold.$340 70 20 130 560 Salary expense... Other expenses Total expenses Net income ....$150 Motorcars of Phoenix, Inc. Comparative Balance Sheet December 31, 20x6 and 20XS (In thousands) Assets Current 20X6 20X5 Liabilities 20X6 20X5 as19 Accounts receivable Inventory... Prepaid expenses 16 59 48 75 84 Current: Accounts payable.47 Salary payable Accrued liabilities 23 21 Long-term notes payable. 68 58 Long-term investments Plant assets, net. 55 75 Stockholders' Equity Common stock. Retained earnings._ Total 40 250 $436 32 246 $410 Total $436 $410