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Swifty Corp. uses the direct method to prepare its statement of cash flows. Swifty trial balances at December 31, 2020 and 2019, are as follows.
Swifty Corp. uses the direct method to prepare its statement of cash flows. Swifty trial balances at December 31, 2020 and 2019, are as follows. 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 December 31 2020 2019 $34,800 $32,200 33,300 29,800 31,300 47,100 99,800 94,800 4,600 5,100 251,100 379,700 142,400 172,000 136,400 151,700 4,400 2,600 20,200 60,900 $758,300 $975,900 Credits 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 $1,300 16,500 25,200 21,200 5,400 45,100 50,300 9,100 44,700 539,500 $758,300 $1,200 15,000 15,600 28,800 4,700 20,000 40,000 7,500 64,200 778,900 $975,900 Additional information: 1. Swifty purchased $5,000 in equipment during 2020. 2. Swifty allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Bad debt expense for 2020 was $4,900, and write-offs of uncollectible accounts totaled $4,800. Determine what amounts Swifty should report in its statement of cash flows for the year ended December 31, 2020, 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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