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