Cash 35,000 32,000 Accounts receivable 33,000 30,000 Inventory 31,000 47,000 Property, plant and 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 Allowance for doubtful accounts 1,300 1,100 Accumulated depreciation 16,500 15,000 Trade accounts payable 25,000 17,500 Income taxes payable 21,000 27,100 Deferred income taxes 5,300 4,600 8% callable bonds payable 45,000 20,000 Share capital 50,000 40,000 Share premium 9,100 7,500 Retained earnings 44,700 64,600 Sales 538,800 778,700 756,700 976,100 The entity purchased P5,000 in equipment during 2020. The entity allocated one-third of the depreciation expense to selling expenses and remainder to general administrative expenses. There was no write-off of accounts receivable during 2020. What amounts should be reported in the statement of cash flows for the following: Cash collected from customers? a. 535,800 b. 536,000 c. 541,600 d. 541,800 Cash paid for goods to be sold? a. 226,500 b. 242,500 c. 257,500 d. 258,500 Cash paid for selling expenses? a. 140,000 b. 141,000 c. 141,500 d. 142,000 Cash paid for interest? a. 1,700 b. 3,800 c. 4,300 d. 4,800 Cash paid for income taxes? a. 15,000 b. 19,700 c. 20,400 d. 25,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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100%

	2020	2019
Cash	35,000	32,000
Accounts receivable	33,000	30,000
Inventory	31,000	47,000
Property, plant and 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
Allowance for doubtful accounts	1,300	1,100
Accumulated depreciation	16,500	15,000
Trade accounts payable	25,000	17,500
Income taxes payable	21,000	27,100
Deferred income taxes	5,300	4,600
8% callable bonds payable	45,000	20,000
Share capital	50,000	40,000
Share premium	9,100	7,500
Retained earnings	44,700	64,600
Sales	538,800	778,700
	756,700	976,100

The entity purchased P5,000 in equipment during 2020. The entity allocated one-third of the depreciation expense to selling expenses and remainder to general administrative expenses. There was no write-off of accounts receivable during 2020. What amounts should be reported in the statement of cash flows for the following:

Cash collected from customers?

535,800

536,000

541,600

541,800

Cash paid for goods to be sold?

226,500

242,500

257,500

258,500

Cash paid for selling expenses?

140,000

141,000

141,500

142,000

Cash paid for interest?

1,700

3,800

4,300

4,800

Cash paid for income taxes?

15,000

19,700

20,400

25,800

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