Sage Inc. experienced the following transactions for Year 1, its
first year of operations: Issued common stock for $110,000 cash.
Purchased $200,000 of merchandise on account. Sold merchandise that
cost $160,000 for $318,000 on account. Collected $278,000 cash from
accounts receivable. Paid $180,000 on accounts payable. Paid
$60,000 of salaries expense for the year. Paid other operating
expenses of $76,000. Sage adjusted the accounts using the following
information from an accounts receivable aging schedule: Number of
Days Past Due Amount...