(L02,3) (SCFDirect Method) Los Lobos Corp. uses the direct method to prepare its statement of cash flows....

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(L02,3) (SCF—Direct Method) Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Los Lobos’s trial balances at December 31, 2017 and 2016, are as follows.

December 31 2017 2016 Debits Cash $ 35,000 $ 32,000 Accounts receivable 33,000 30,000 Inventory 31,000 47,000 Property, plant, and equipment 100,000 95,000 Unamortized bond discount 4,500 5,000 Cost of goods sold 250,000 380,000 Selling expenses 141,500 172,000 General and administrative expenses 137,000 151,300 Interest expense 4,300 2,600 Income tax expense 20,400 61,200

$756,700 $976,100image text in transcribed

Additional information:
1. Los Lobos purchased $5,000 in equipment during 2017.
2. Los Lobos 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 $4,800.
Instructions Determine what amounts Los Lobos should report in its statement of cash flows for the year ended December 31, 2017, for the following items.

(a) Cash collected from customers.

(d) Cash paid for income taxes.

(b) Cash paid to suppliers.

(e) Cash paid for selling expenses.

(c) Cash paid for interest.

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