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Metlock Corp. uses the direct method to prepare its statement of cash flows. Metlock trial balances at December 31,2017 and 2016, are as follows. December
Metlock Corp. uses the direct method to prepare its statement of cash flows. Metlock trial balances at December 31,2017 and 2016, are as follows. December 31 Debits 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 2017 -20172016 $34,700 $31,800 33,200 29,900 31,400 46,800 100,800 95,700 4,900 251,800 380,300 142,500 172,400 137,500 152,800 4,200 2,700 20,400 61,400 $760,900 $978,700 4,400 Credits Allowance for doubtful accounts $1,400 $1,100 Accumulated depreciation-plant assets 16,500 15,000 24,800 15,500 21,200 29,000 4,600 45,400 20,000 50,000 40,000 9,200 7,500 44,200 64,700 542,900 781,300 $760,900 $978,700 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 5,300 Additional information 1. 2. 3. Metlock purchased $5,100 in equipment during 2017 Metlock allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. Bad debt expense for 2017 was $4,900, and write-offs of uncollectible accounts totaled $4,600 Determine what amounts Metlock 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. $ e Cash paid for selling expenses
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