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Pharoah Corp. uses the direct method to prepare its statement of cash flows. Pharoah trial balances at December 31, 2017 and 2016, are as follows.
Pharoah Corp. uses the direct method to prepare its statement of cash flows. Pharoah trial balances at December 31, 2017 and 2016, are as follows. 2017 2016 Debits Cash Accounts receivable $31,700 29,900 47300 95,000 5,000 377 300 170,400 150,800 2,600 60,600 $757,100$970.600 $35,400 32,600 31,300 99,900 Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 4,500 252,200 140,600 135,900 4,300 20,400 Credits Allowance for doubtful accounts Accumulated depreciation-plant assets $1,300 16,500 25,300 21,100 5,300 45,200 50,200 9,000 44,500 538,700 $757,100 $1,000 15,000 15,700 29,300 4,600 20,000 40,000 7,500 64,100 773,400 $970,600 s payable Income taxes payable Deferred tax liability 8% callable bonds payable Common stock Paid-in capital in excess of par Retained earnings Sales revenue Additional information 1. Pharoah purchased $4,900 in equipment during 2017 2 Pharoah 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 $4,700. Determine what amounts Pharoah 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.s
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