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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 Cash Accounts receivable Inventory Accounts payable Income tax payable 2020 2021 $144,500 $184,000 274,000 224,500 119,500 154,000 114,500 126,000 19,500 14,900 Increase (1) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (0) 11,500 (0) 4,600 (1)

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 Cash Accounts receivable Inventory Accounts payable Income tax payable 2020 2021 $144,500 $184,000 274,000 224,500 119,500 154,000 114,500 126,000 19,500 14,900 Increase (1) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (0) 11,500 (0) 4,600 (1)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M 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: ances MEGA SCREENS, INC. Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Accounts payable Income tax payable 2021 $144,500 274,000 119, see Cash received from customers Cash paid to suppliers Cash paid for income taxes 2020 $184,000 224,500 154,000 126,000 114,500 19,500 14,900 Increase (1) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (D) 11,500 (D) 4,600 (1) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
Transcribed Image Text:M 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: ances MEGA SCREENS, INC. Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Accounts payable Income tax payable 2021 $144,500 274,000 119, see Cash received from customers Cash paid to suppliers Cash paid for income taxes 2020 $184,000 224,500 154,000 126,000 114,500 19,500 14,900 Increase (1) or Decrease (D) $39,500 (D) 49,500 (1) 34,500 (D) 11,500 (D) 4,600 (1) Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes.
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