Reference no: EM132325762
Question
Shamrock Corp. uses the direct method to prepare its statement of cash flows. Shamrock trial balances at December 31, 2017 and 2016, are as follows.
December 31
Debits2017
2016
Cash$34,600
$31,700
Accounts receivable32,600
30,300
Inventory31,300
46,600
Property, plant, & equipment99,700
94,700
Unamortized bond discount4,500
5,000
Cost of goods sold250,100
378,000
Selling expenses140,600
171,400
General and administrative expenses137,700
152,200
Interest expense4,400
2,700
Income tax expense20,200
60,600
$755,700
$973,200
CreditsAllowance for doubtful accounts$1,300
$1,000
Accumulated depreciation-plant assets16,400
14,900
Accounts payable24,900
15,400
Income taxes payable21,100
29,100
Deferred tax liability
5,300
4,600
8% callable bonds payable44,800
20,000
Common stock50,200
40,000
Paid-in capital in excess of par9,200
7,500
Retained earnings44,300
64,700
Sales revenue538,200
776,000
$755,700
$973,200
Additional information:
1.Shamrock purchased $5,000 in equipment during 2017.
2.Shamrock 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 $5,000, and write-offs of uncollectible accounts totaled $4,700.
Determine what amounts Shamrock should report in its statement of cash flows for the year ended December 31, 2017, for the following items.
(a) Cash collected from customers.$
(b) Cash paid to suppliers.$
(c) Cash paid for interest.$
(d) Cash paid for income taxes.$
(e) Cash paid for selling expenses.$