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Determining Operating Cash Flows-Direct Method Adjusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow. Debits, December 31 2020
Determining Operating Cash Flows-Direct Method Adjusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow. Debits, December 31 2020 2019 Cash $31,500 $28,800 Accounts receivable 29,700 27,000 Inventory 27,900 43,200 Property, plant, and equipment 90,000 85,500 Discount on bonds payable 4,050 4,500 Cost of goods sold 225,000 342,000 Selling expenses 127,350 154,800 General and administrative expenses 123,300 136,170 Interest expense 3,870 2,340 Income tax expense 18,360 55,080 Total debits $681,030 $878,490 Credits, December 31 2020 2019 Allowance for doubtful accounts $ 1,170 $ 990 Accumulated depreciation 14,850 13,500 Trade accounts payable 22,500 15,750 Income taxes payable 18,900 24,390 Deferred income tax liability 4,770 4,140 Callable bonds payable, 8% 40,500 18,000 Common stock 45,000 36,000 Additional paid-in capital 8,190 6,750 Retained earnings 40,230 58,140 Sales 484,920 700,830 Total credits $681,030 $878,490 Additional information 1. Purchased $4,500 of equipment in 2020. 2. Allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Assume no accounts receivable were written off or recovered during the year. Required What amounts should Garboz report in its statement of cash flows for the year ended December 31, 2020, for the following? Note: Do not use negative signs with your answers. OX 0 x 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 OX OX 0X
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