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Brice Corporation Reported the Following Information  Balance Sheet: \underline { \text { Balance Sheet: } }

Question 116

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Brice Corporation reported the following information:

2010 Income Statement: Sales Revenue $8,200,000 Cost of goods sold 6,400,000 Gross profit 1,800,000 Operating expenses (includes $200,000 depreciation expense) 1,250,000 Pretax income 550,000 Income tax expense ( 30% rate) 165,000 Net Income $385,000\begin{array}{lr}\text {2010 Income Statement:}\\\text { Sales Revenue } & \$ 8,200,000 \\\text { Cost of goods sold } & \underline{6,400,000}\\\text { Gross profit } & 1,800,000\\\text { Operating expenses (includes } \$ 200,000 \text { depreciation expense) } & \underline{1,250,000} \\\text { Pretax income } &550,000\\\text { Income tax expense ( } 30 \% \text { rate) } & \underline{165,000}\\\text { Net Income }&\$ 385,000 \end{array}


 Balance Sheet: \underline { \text { Balance Sheet: } }
20102009 Accounts receivable $800,000$600,000 Inventory 520,000480,000 Prepaid expenses 110,000120,000 Accounts payable 340,000310,000 Accrued liabilities 80,00090,000 Income taxes payable 25,00040,000 Unearned revenue 100,000200,000\begin{array} { l r r } & \underline { 2010 } & \underline { 2009 } \\ \text { Accounts receivable } & \$ 800,000 & \$ 600,000 \\ \text { Inventory } & 520,000 & 480,000 \\ \text { Prepaid expenses } & 110,000 & 120,000 \\ \text { Accounts payable } & 340,000 & 310,000 \\ \text { Accrued liabilities } & 80,000 & 90,000 \\ \text { Income taxes payable } & 25,000 & 40,000 \\ \text { Unearned revenue } & 100,000 & 200,000 \end{array} Compute Brice's cash paid to suppliers for inventory for 2010.

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