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Category > Accounting Posted 11 Aug 2017 My Price 12.00

Waubansee Corp.

Waubansee Corp. uses the direct method to prepare its statement of cash flows. Relevant balances for Waubansee at December 31, 2012 and 2011, are as follows.

    December 31
Debits   2012   2011
Cash   $35,500   $32,230
Accounts receivable   32,790   29,640
Inventory   31,340   46,590
Property, plant, & equipment   108,140   92,700
Unamortized bond discount   4,170   5,210
Cost of goods sold   252,080   380,910
Selling expenses   141,400   171,630
General and administrative expenses   137,680   150,990
Interest expense   4,500   2,370
Income tax expense   20,310   61,590
    $767,910   $973,860
         
Credits        
Allowance for doubtful accounts   $1,730   $1,120
Accumulated depreciation   16,443   13,380
Trade accounts payable   25,470   16,660
Income taxes payable   19,680   28,710
Deferred income taxes   5,060   4,380
8% callable bonds payable   44,510   21,400
Common stock   53,880   37,200
Paid-in capital in excess of par—common stock   8,660   7,480
Retained earnings   44,310   64,640
Sales revenue   548,167   778,890
    $767,910   $973,860


Additional information:

1.   Waubansee purchased $15,440in equipment during 2012.
2.   Waubansee allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.
3.   Bad debt expense for 2012 was $4,930, and write-offs of uncollectible accounts totaled$4,320.


Determine what amounts Waubansee should report in its statement of cash flows for the year ended December 31, 2012, 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.   $

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 05:08 PM My Price 12.00

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