Please don't provide answer in image format thank you. Determining Operating Cash Flows-Direct MethodAdjusted trial balances for Garboz Company, an industrial recycler, at December 31 of the current and prior year follow.Debits, December 31Current Year Prior Year$14,000$12,80013,20012,00012,40018,80040,00038,0001,8002,000100,000152,00056,60068,80054,80060,5201,04024,480$390,440CashAccounts receivableInventoryProperty, plant, and equipmentDiscount on bonds payableCost of goods soldSelling expensesGeneral and administrative expensesInterest expenseIncome tax expenseTotal debitsCredits, December 31Allowance for doubtful accountsAccumulated depreciationTrade accounts payableIncome taxes payableDeferred income tax liabilityCallable bonds payable, 8%Common stockAdditional paid-in capitalRetained earningsSalesTotal credits1,7208,160$302,680Current Year Prior Year$ 520$ 4406,6006,00010,0007,0008,400 10,8402,1201,84018,0008,00020,00016,0003,6403,00017,880 25,840215,520 311,480$302,680 $390,440 Additional information1. Purchased $2,000 of equipment in the current year.2. Allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.3. Assume no accounts receivable were written off or recovered during the year.RequiredWhat amounts are reported in the operating activities section of the statement of cash flows using the direct method for the current year ended December 31, for the following line items?Note: Do not use negative signs with your answers.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 $214,320 ✔103,400 x1,720 x0 x0 x

Statement of Cash Flow -Statement of Cash Flow is a financial statement that includes the inflow and…

Determining Operating Cash Flows-Direct Method Adjusted trial balances for Garboz Company, an industrial recycler, at December 31 of the current and prior year follow. Debits, December 31 Current Year Prior Year $14,000 $12,800 13,200 12,000 12,400 18,800 40,000 38,000 1,800 2,000 100,000 152,000 56,600 68,800 54,800 60,520 1,720 8,160 $302,680 Current Year Prior Year $ 520 $ 440 6,600 10,000 8,400 2,120 18,000 20,000 3,640 17,880 25,840 215,520 311,480 $302,680 $390,440 Cash Accounts receivable Inventory Property, plant, and equipment Discount on bonds payable Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total debits Credits, December 31 Allowance for doubtful accounts Accumulated depreciation Trade accounts payable Income taxes payable Deferred income tax liability Callable bonds payable, 8% Common stock Additional paid-in capital Retained earnings Sales Total credits 1,040 24,480 $390,440 6,000 7,000 10,840 1,840 8,000 16,000 3,000

Determining Operating Cash Flows-Direct Method Adjusted trial balances for Garboz Company, an industrial recycler, at December 31 of the current and prior year follow. Debits, December 31 Current Year Prior Year $14,000 $12,800 13,200 12,000 12,400 18,800 40,000 38,000 1,800 2,000 100,000 152,000 56,600 68,800 54,800 60,520 1,720 8,160 $302,680 Current Year Prior Year $ 520 $ 440 6,600 10,000 8,400 2,120 18,000 20,000 3,640 17,880 25,840 215,520 311,480 $302,680 $390,440 Cash Accounts receivable Inventory Property, plant, and equipment Discount on bonds payable Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total debits Credits, December 31 Allowance for doubtful accounts Accumulated depreciation Trade accounts payable Income taxes payable Deferred income tax liability Callable bonds payable, 8% Common stock Additional paid-in capital Retained earnings Sales Total credits 1,040 24,480 $390,440 6,000 7,000 10,840 1,840 8,000 16,000 3,000

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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