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Bonita Corp. uses the direct method to prepare its statement of cash flows. Bonita trial balances at December 31, 2017 and 2016, are as follows.
Bonita Corp. uses the direct method to prepare its statement of cash flows. Bonita trial balances at December 31, 2017 and 2016, are as follows. December 31 Debits 2017 2016 Cash Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense $34,700 32,800 31,200 99,300 4,500 249,900 142,500 135,600 4,400 20,300 $755,200 $31,900 29,900 46,800 94,400 5,000 380,000 173,600 151,500 2,600 61,700 $977,400 Credits Allowance for doubtful accounts Accumulated depreciation-plant assets Accounts payable Income taxes payable Deferred tax liability 8% callable bonds payable Common stock Paid-in capital in excess of par Retained earnings Sales revenue $1,300 16,600 25,100 21,000 5,300 44,900 49,700 9,100 44,900 537,300 $755,200 $1,100 15,100 15,700 28,800 4,600 20,000 40,000 7,500 64,700 779,900 $977,400 Additional information: 1. Bonita purchased $4,900 in equipment during 2017. 2. Bonita 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 $4,900, and write-offs of uncollectible accounts totaled $4,700. Determine what amounts Bonita should report in its statement of cash flows for the year ended December 31, 2017, for the following items. a) Cash collected from customers. 529700 (b) Cash paid to suppliers. 224900 Cash paid for interest. (4400) (d) Cash paid for income taxes. 27400 (e) Cash paid for selling expenses. (142500)
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