Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

question #e please Sweet Corp. uses the direct method to prepare its statement of cash flows. Sweet trial balances at December 31, 2020 and 2019,

question #e please
image text in transcribed
image text in transcribed
image text in transcribed
Sweet Corp. uses the direct method to prepare its statement of cash flows. Sweet trial balances at December 31, 2020 and 2019, are as follows December 31 Debits 2020 2019 Cash $35,000 $31,800 32,700 30,200 30.900 47.100 99.400 94.400 Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense 4.400 4.900 249.100 382.800 141,100 173,500 136,200 149.900 4.300 2.600 Income tax pense 20.600 61.800 0.478 TIT 741.100 173500 Selling expenses General and administrative expenses Interest expense Income tax expense 136,200 149.900 4.300 2,600 20,600 61,800 $753.700 $979.000 Credits $1,300 $1,100 16,700 15,200 25,300 15,600 21,100 29,000 Allowance for doubtful accounts Accumulated depreciation-plant assets 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 4,600 44.900 20,000 50,500 40,000 9.200 7.500 44.300 64.800 535.100 781,200 $753.700 $979.000 Additional information: 1 2 Sweet purchased $5,000 in equipment during 2020. Sweet allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses Bad debt expense for 2020 was $4.900, and write-offs of uncollectible accounts totaled $4,700. 3 Determine what amounts Sweet should report in its statement of cash flows for the year ended December 31, 2020, for the following items (a) Cash collected from customers. $ 527900 (b) Cash paid to suppliers $ 223200 (c) Cash paid for interest $ 3800 (d) Cash paid for income taxes, S 27800 le! Cash paid for selling openses, $ Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions