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

Essay

Selected financial statement information for Filmco appears below:
$$\begin{array} { l r r } \text { Balance Sheet accaunts } & \text { Jan. 1, 2010 } & \text { Dec. 31, 2010 } \\\text { Inventary } & \$ 210,000 &\$ 85,000 \\\text { Accounts Receivable } & \$ 90,000 &\$ 45,000 \\\end{array}$$

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