Determining Operating Cash Flows-Direct MethodAdjusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow.Debits, December 3120202019Cash$42.000$38,400Accounts receivable39,60036.000Inventory37.20056,400Property. plant, and equipment120,000114,000Discount on bonds payable5,4006,000Cost of goods sold300,000456.000Selling expenses169,800206,400General and administrative expenses164,400181,560Interest expense5,1603,120Income tax expense24,48073,440Total debits$908,040 $1,171,320Credits, December 3120202019Allowance for doubtful accounts$ 1,560$ 1,320Accumulated depreciation19,80018,000Trade accounts payable30,00021,000Income taxes payable25,20032,520Deferred income tax liability6,3605,520Callable bonds payable, 8%54,00024,000Common stock60,00048,000Additional paid-in capital10,9209,000Retained earnings53,64077,520Sales646,560934,440Total credits5908,040 $1,171,320Additional information1. Purchased $6,000 of equipment in 2020.2. 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 should Garboz report in its statement of cash flows for the year ended December 31, 2020, for the following?Note: Do not use negative signs with your answers.a. Cash collected from customers 5b. Cash paid to suppliersc. Cash paid for interestd. Cash paid for income taxese. Cash paid for selling expenses 5

Introduction: An adjusted trial balance is an internal document that outlines all of the current…

djusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow. Debits, December 31 2020 2019 Cash $42.000 $38.400 Accounts receivable 39.600 36.000 Inventory 37.200 56.400 Property. plant and equipment 120.000 114.000 Discount on bonds payable Cost of goods sold Selling erpenses General and administrative expenses 164.400 Interest expense 5.400 6.000 300.000 456.000 169.800 206.400 181.560 5.160 3.120 Income tax expense 24.480 73.440 Total debits $908.040 $1.171.320 Credits, December 31 2020 2019 Allowance for doubrful accounts $1.560 $1.320 Accumulated depreciation 19.800 18.000 Trade accounts payable 30.000 21,000 income taves payable 25.200 32.520 Deferred income tax liability 6.360 5.520 Callable bonds payable. 3% 54.000 24.000 Common stock 60.000 48.000 Additional paid-in capital 10.920 9.000 Retained earning Sales Total credits 53.640 77.520 646.560 934.440 5908.040 51.171.320 dditional information . Purchased $6,000 of equipment in 2020. . Allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.

djusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow. Debits, December 31 2020 2019 Cash $42.000 $38.400 Accounts receivable 39.600 36.000 Inventory 37.200 56.400 Property. plant and equipment 120.000 114.000 Discount on bonds payable Cost of goods sold Selling erpenses General and administrative expenses 164.400 Interest expense 5.400 6.000 300.000 456.000 169.800 206.400 181.560 5.160 3.120 Income tax expense 24.480 73.440 Total debits $908.040 $1.171.320 Credits, December 31 2020 2019 Allowance for doubrful accounts $1.560 $1.320 Accumulated depreciation 19.800 18.000 Trade accounts payable 30.000 21,000 income taves payable 25.200 32.520 Deferred income tax liability 6.360 5.520 Callable bonds payable. 3% 54.000 24.000 Common stock 60.000 48.000 Additional paid-in capital 10.920 9.000 Retained earning Sales Total credits 53.640 77.520 646.560 934.440 5908.040 51.171.320 dditional information . Purchased $6,000 of equipment in 2020. . Allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses.

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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