Question: 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,

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

$34,590

$32,380

Accounts receivable

32,660

29,780

Inventory

31,230

47,040

Property, plant, & equipment

107,950

96,600

Unamortized bond discount

4,110

5,310

Cost of goods sold

249,740

380,830

Selling expenses

141,440

171,800

General and administrative expenses

137,120

151,570

Interest expense

4,220

2,660

Income tax expense

20,780

60,840

$763,840

$978,810

Credits
Allowance for doubtful accounts

$1,850

$1,340

Accumulated depreciationplant assets

16,379

13,370

Accounts payable

24,520

17,000

Income taxes payable

19,740

28,890

Deferred income taxes

5,020

4,290

8% callable bonds payable

44,970

20,920

Common stock

56,030

43,200

Paid-in capital in excess of par

9,350

7,660

Retained earnings

44,290

64,410

Sales revenue

541,691

777,730

$763,840

$978,810

Additional information:

1. Los Lobos purchased $11,350 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 $4,600, and write-offs of uncollectible accounts totaled $4,090.

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.

(b) Cash paid to suppliers.

(c) Cash paid for interest.

(d) Cash paid for income taxes.

(e) Cash paid for selling expenses.

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