Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Relevant balances for Los Lobos at...

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Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Relevant balances for Los Lobos at December 31, 2014 and 2013, are as follows.

  
December 31
Debits 
2014
 
2013
Cash 
$35,380
 
$32,380
Accounts receivable 
32,810
 
29,790
Inventory 
30,560
 
47,040
Property, plant, & equipment 
109,810
 
93,100
Unamortized bond discount 
4,400
 
5,050
Cost of goods sold 
248,660
 
379,830
Selling expenses 
141,770
 
172,770
General and administrative expenses 
136,500
 
151,550
Interest expense 
4,410
 
2,360
Income tax expense 
20,900
 
61,580
  
$765,200
 
$975,450
     
Credits    
Allowance for doubtful accounts 
$1,730
 
$1,040
Accumulated depreciation—plant assets 
17,197
 
13,750
Accounts payable 
25,160
 
17,050
Income taxes payable 
21,200
 
29,120
Deferred income taxes 
5,460
 
4,490
8% callable bonds payable 
44,610
 
20,670
Common stock 
58,220
 
42,700
Paid-in capital in excess of par 
9,300
 
7,600
Retained earnings 
44,910
 
64,210
Sales revenue 
537,413
 
774,820
  
$765,200
 
$975,450


Additional information:

1. Los Lobos purchased $16,710 in equipment during 2014.
2. Los Lobos allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.
3. Bad debt expense for 2014 was $4,640, and write-offs of uncollectible accounts totaled $3,950.


Determine what amounts Los Lobos should report in its statement of cash flows for the year ended December 31, 2014, for the following items.

(a) Cash collected from customers. 
$
[removed]
(b) Cash paid to suppliers. 
$
[removed]
(c) Cash paid for interest. 
$
[removed]
(d) Cash paid for income taxes. 
$
[removed]
(e) Cash paid for selling expenses. 
$
[removed]
    • 10 years ago
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