Selected Financial Statement Information for Filmco Appears Below Calculate the Amount of Cash Collected from Customers and the \text

question 2

Essay

Selected financial statement information for Filmco appears below:
$\begin{array}{llcc} \text { Balance Sheet accounts} &\text { Jan. } 1,2010&\text { Dec. } 31,2010 \\ \\ \text {Inventory } &\$210,000&\$340,000\\ \text {AccountsReceivable } &\$85,000&\$60,000\\\end{array}$
$\begin{array}{c}\begin{array}{lll}\underline{\text {Income Statement (partial)}}\\\\\text {Sales}\\\text {Cost of Goods Sold}\\\text {Gross Profit}\\ \end{array}\begin{array}{lll}\underline{\text {For the year ended Dec. 31,2010}}\\\\\$ 824,000 \\\underline{\$ 658,000)}\\\$ 166,000 \end{array}\end{array}$
Calculate the amount of cash collected from customers and the amount of cash spent on inventory for 2010 by Filmco.

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Definitions:

Payoff Matrix

A table that shows the potential outcomes and payoffs for each combination of strategies between players in a strategic game.

Price Setting

The process of determining the selling price of a product or service, typically based on costs, market demand, and competition.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.

Market Output

The total quantity of goods or services produced and supplied in a market at a given time.