Question

Flint Corp. uses the direct method to prepare its statement of cash flows. Flint trial balances at December 31, 2017 and 2016, are as follows. December 31 Debits 2017 2016 Cash $34,700 $32,000 Accounts receivable 32,700 29,900 Inventory 30,800 46,700 Property, plant, & equipment 100,200 95,200 Unamortized bond discount 4,500 5,000 Cost of goods sold 249,000 380,000 Selling expenses 140,600 172,900 General and administrative expenses 137,800 152,800 Interest expense 4,300 2,600 Income tax expense 20,200 61,400 $754,800 $978,500 Credits Allowance for doubtful accounts $1,300 $1,100 Accumulated depreciation—plant assets 16,500 15,000 Accounts payable 25,100 15,400 Income taxes payable 20,800 29,300 Deferred tax liability 5,200 4,500 8% callable bonds payable 45,000 20,000 Common stock 50,300 40,000 Paid-in capital in excess of par 9,000 7,500 Retained earnings 44,700 64,400 Sales revenue 536,900 781,300 $754,800 $978,500 Additional information: 1. Flint purchased $5,000 in equipment during 2017. 2. Flint allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Bad debt expense for 2017 was $5,100, and write-offs of uncollectible accounts totaled $4,900. Determine what amounts Flint should report in its statement of cash flows for the year ended December 31, 2017, for the following items. (a) Cash collected from customers. $ (b) Cash paid to suppliers. $ (c) Cash paid for interest. $ (d) Cash paid for income taxes. $ (e) Cash paid for selling expenses. $

Answer 1