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

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.