Question

* Data Table Root Medical Supply, Inc., reported the following financial statements for 2018: E (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Use the information in Root Medical Supply, Inc.'s financial statements to compute the following: 1. Collections from customers 2. Payments for inventory 1. Compute the collections from customers. Assets 2018 2017 Select the formula needed to determine this amount and then enter the amounts to calculate the collections from customers. (Use parentheses or a minus sign to indicate a negative Current: = Collections from customers Cash 2. Compute the payments for inventory. Root Medical Supply, Inc. Comparative Balance sheet December 31, 2018 and 2017 2018 2017 Liabilities Current: $ 27,000 $ 20,000 Accounts payable 54,000 46,000 Salaries payable 76,000 84,000 Accrued liabilities 8,000 6,000 Long-term notes payable 74,000 95,000 Stockholders' Equity 230,000 170,000 Common stock Retained earnings Total Liabilities and $ 469,000 $ 421,000 Stockholders' Equity $ 55,000 $ 42,000 21,000 19,000 2,000 9,000 66,000 69,000 Select the formula needed to determine this amount and then enter the amounts to calculate the payments for inventory. (Use parentheses or a minus sign to indicate a negative amo Accounts receivable Inventory Prepaid expenses Long-term investments Fixed assets, net mai c J = Payments 50,000 275,000 31,000 251,000 A Data Table - X Total Assets $ 469,000 $ 421,000 Print Done 697,000 Root Medical Supply, Inc. Income Statement Year Ended December 31, 2018 Revenue: Sales revenue Expenses: Cost of goods sold $ 327,000 Depreciation expense 62,000 Other expenses 198,000 Total expenses 587,000 110,000 Net income Choose from any list or enter any number in the input fields and t

Answer 1

1 Sales Revenue + Decrease (Increase) in accounts receivables = Collectiosn from Customers S 697.000 + $ (8,000) = 5 689.000 Notes: Increase in Accounts receivables = $54,000-$46.000 = $8.000 2 Cost of goods Sold + Increase (Decrease) in Inventory S 327,000 + S + Decrease (Increase) in Accounts payable = Payments (8,000) + S (13,000) = $306,000 Notes: Decrease in Inventory = $84,000-$76,000 = $8,000 Increase in Accounts payable = $55,000-$42.000 = $13.000