FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Cash Accounts receivable Inventory Property, plant, and equipment Discount on bonds payable Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total debits Credits, December 31 Allowance for doubtful accounts Accumulated depreciation Trade accounts payable Income taxes payable Deferred income tax liability Callable bonds payable, 8% Common stock Additional paid-in capital Retained earnings Sales Total credits $49,000 $44,800 46,200 42,000 43,400 65,800 140,000 133,000 6,300 7,000 350,000 532,000 198,100 240,800 191,800 211,820 6,020 3,640 28,560 85,680 $1,059,380 $1,366,540 Prior Year $ 1,540 21,000 24,500 37,940 6,440 28,000 56,000 10,500 90,440 a. Cash collected from customers $ b. Cash paid to suppliers $ c. Cash paid for interest $ $ $ Current Year $ 1,820 Additional information 1. Purchased $7,000 of equipment in the current year. 2. Allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Assume no accounts receivable were written off or recovered during the year. Required d. Cash paid for income taxes e. Cash paid for selling expenses 23,100 35,000 29,400 7,420 63,000 70,000 12,740 62,580 754,320 1,090,180 $1,059,380 $1,366,540 What amounts are reported in the operating activities section of the statement of cash flows using the direct method for the current year ended December 31, for the following line items? Note: Do not use negative signs with your answers. 750,120 361,900 * 6,020 * 27,100 * 197,400
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Transcribed Image Text:Cash Accounts receivable Inventory Property, plant, and equipment Discount on bonds payable Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total debits Credits, December 31 Allowance for doubtful accounts Accumulated depreciation Trade accounts payable Income taxes payable Deferred income tax liability Callable bonds payable, 8% Common stock Additional paid-in capital Retained earnings Sales Total credits $49,000 $44,800 46,200 42,000 43,400 65,800 140,000 133,000 6,300 7,000 350,000 532,000 198,100 240,800 191,800 211,820 6,020 3,640 28,560 85,680 $1,059,380 $1,366,540 Prior Year $ 1,540 21,000 24,500 37,940 6,440 28,000 56,000 10,500 90,440 a. Cash collected from customers $ b. Cash paid to suppliers $ c. Cash paid for interest $ $ $ Current Year $ 1,820 Additional information 1. Purchased $7,000 of equipment in the current year. 2. Allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Assume no accounts receivable were written off or recovered during the year. Required d. Cash paid for income taxes e. Cash paid for selling expenses 23,100 35,000 29,400 7,420 63,000 70,000 12,740 62,580 754,320 1,090,180 $1,059,380 $1,366,540 What amounts are reported in the operating activities section of the statement of cash flows using the direct method for the current year ended December 31, for the following line items? Note: Do not use negative signs with your answers. 750,120 361,900 * 6,020 * 27,100 * 197,400
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Step 3: Cash paid for Interest
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