Huang Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. Huang's trial balances at December 31, 2014, and 2013 was as follows:

Additional information:
1. Huang purchased $5,000 of equipment during 2014.
2. Bad debt expense for 2014 was $5,000 and writeoffs of uncollectible accounts totalled $4,800.
3. Huang has adopted the policy of classifying the payments of interest as financing activities on the statement of cash flows.
Instructions
Determine what amounts Huang should report in its statement of cash flows for the year ended December 31, 2014, for the following:
(a) Cash collected from customers
(b) Cash paid to suppliers of goods and services (excluding interest and income taxes)
(c) Cash paid for interest
(d) Cash paid for income taxes

Transcribed Image Text:

4 Accounts Receivable Property, Plant, and Equipment Cost of Goods Sold Administrative Expenses $780,800 Allowance for Doubtful Accounts Accumulated Depreciation Deferred Income Tax Liability 8% Callable Bonds Payable Retained Earnings