(SCF—Direct Method) Waubansee Corp. uses the direct method to prepare its statement of cash flows. Relevant balances for Waubansee at December 31, 2012 and 2011, are as follows.
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December 31 |
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|
2012 |
2011 |
|
|
Debits |
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|
Cash |
$ 35,000 |
$ 32,000 |
|
Accounts receivable |
33,000 |
30,000 |
|
Inventory |
31,000 |
47,000 |
|
Property, plant, & equipment |
100,000 |
95,000 |
|
Unamortized bond discount |
4,500 |
5,000 |
|
Cost of goods sold |
250,000 |
380,000 |
|
Selling expenses |
141,500 |
172,000 |
|
General and administrative expenses |
137,000 |
151,300 |
|
Interest expense |
4,300 |
2,600 |
|
Income tax expense |
20,400 |
61,200 |
|
$756,700 |
$976,100 |
|
|
Credits |
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|
Allowance for doubtful accounts |
$ 1,300 |
$ 1,100 |
|
Accumulated depreciation |
16,500 |
13,500 |
|
Trade accounts payable |
25,000 |
17,000 |
|
Income taxes payable |
21,000 |
29,100 |
|
Deferred income taxes |
5,300 |
4,600 |
|
8% callable bonds payable |
45,000 |
20,000 |
|
Common stock |
50,000 |
40,000 |
|
Paid-in capital in excess of par—common stock |
9,100 |
7,500 |
|
Retained earnings |
44,700 |
64,600 |
|
Sales revenue |
538,800 |
778,700 |
|
$756,700 |
$976,100 |
|
Additional information:
1. Waubansee purchased $5,000 in equipment during 2012.
2. Waubansee allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.
3. Bad debt expense for 2012 was $5,000, and write-offs of uncollectible accounts totaled $3,800.
Instructions
Determine what amounts Waubansee should report in its statement of cash flows for the year ended December 31, 2012, 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.