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PLEASE, NOTE: IN THIS EXERCISE, ONE NUMBER WAS CHANGED. SO, THE OTHER EXERCISES OF THIS ONE THAT WERE ANSWERED DO NOT MATCH. ONLY ONE IS
PLEASE, NOTE: IN THIS EXERCISE, ONE NUMBER WAS CHANGED. SO, THE OTHER EXERCISES OF THIS ONE THAT WERE ANSWERED DO NOT MATCH. ONLY ONE IS MATCHING, BUT THE ANSWER FOR CASH PAID FOR SUPPLIERS AND EMPLOYEES IS NOT 1480000. I NEED THE CORRECT ANSWER FOR THIS ONE.
The accounting staff of Lambert Company has assembled the following information for the year ended December 31 of the current year.
Cash sales | $ | 895,000 | |
Credit sales | 2,500,000 | ||
Collections on accounts receivable | 2,195,000 | ||
Cash transferred from the money market fund to the general bank account | 250,000 | ||
Interest and dividends received | 100,000 | ||
Purchases (all on account) | 1,800,000 | ||
Payments on accounts payable to merchandise suppliers | 1,480,000 | ||
Cash payments for operating expenses (including payroll) | 1,065,000 | ||
Interest paid | 180,000 | ||
Income taxes paid | 95,000 | ||
Loans made to borrowers | 500,000 | ||
Collections on loans (excluding receipts of interest) | 260,000 | ||
Cash paid to acquire plant assets | 3,100,000 | ||
Book value of plant assets sold | 663,600 | ||
Loss on sales of plant assets | 78,700 | ||
Proceeds from issuing bonds payable | 2,500,000 | ||
Dividends paid | 120,000 | ||
Cash and cash equivalents, Jan. 1 | 512,000 | ||
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