Selected Financial Statement Information for Filmco Appears Below $\underline{\text { Income Statement (partial)} } \quad \underline{\text { For the year ended Dec. 31, } 2010}$

question 14

Essay

Selected financial statement information for Filmco appears below:
$$\begin{array} { l r r } \underline{\text { Balance Sheet accaunts }} &\underline{ \text { Jan.1,2010 }} &\underline{ \text { Dec. 31, 2010 }} \\\\\text { Inventary } & \$ 210,000 &\$90,000 \\\text { Accounts Receivable } & \$ 85,000 & \$ 45,000\end{array}$$
$\underline{\text { Income Statement (partial)} } \quad \underline{\text { For the year ended Dec. 31, } 2010}$


$\begin{array}{ll}\text { Sales } &&& \$ 900,000 \\\text { Cost of Goods Sold }&& & \underline{\$ 730,000} \\\text { Gross Profit } & &&\$ 170,000\end{array}$

Calculate the amount of cash collected from customers and the amount of cash spent on inventory for 2010 by Filmco.