Business, 14.05.2021 01:00 Bgreene2377

Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income tax expense of $139,000 for the year ended December 31, 2021. Selected balance sheet accounts are as follows: MEGA SCREENS, INC. Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) Cash $ 144,500 $ 184,000 $ 39,500 (D) Accounts receivable 274,000 224,500 49,500 (I) Inventory 119,500 154,000 34,500 (D) Accounts payable 114,500 126,000 11,500 (D) Income tax payable 19,500 14,900 4,600 (I) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.

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Mega Screens, Inc., reports net sales of $2,650,000, cost of goods sold of $1,450,000, and income ta...

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