The accounting staff of Lambert Company has assembled the following information for the year ended December 31 of the current year. Cash sales. Credit sales Collections on accounts receivable Cash transferred from the money market fund to the general bank account Interest and dividends received Purchases (all on account) Payments on accounts payable to merchandise suppliers Cash payments for operating expenses (including payroll) Interest paid Income taxes paid Loans made to borrowers Collections on loans (excluding receipts of interest) Cash paid to acquire plant assets. Book value of plant assets sold Loss on sales of plant assets Proceeds from issuing bonds payable Dividends paid Cash and cash equivalents, Jan. 1 $ 873,000 2,500,000 2,205,000 250,000 100,000 1,800,000 1,470,000 1,055,000 180,000 95,000 500,000 260,000 3,100,000 662,900 82,800 2,500,000 120,000 512,000 Required: a. Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities. b-1. Compute the amount of collections from customers. b-2. Compute the amount of cash paid to suppliers and employees. b-3. Compute the amount of proceeds from sales of plant assets.

Required information Skip to question [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Chucktown Sauce Company (in thousands): Segments Red $ 1,817 22 Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense (92) Income tax expense (savings) 147 Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? Note: Enter your answer in dollars but not in thousands. 620 145 Blue Green Pink Black White $ 818 $520 $315 $127 $ 105 97 115 0 308 71 385 408 318 172 87 65 93 88 67 22 55 323 98 48 37 68 20 11 (70) 0

Distinguish between Income and Expenditure Account and Receiptand Payment Account.

Define Proprietorship

Definitions of Common Income and Expense Items

Define components of net income.

Define net income.