Question: Marin Corp. uses the direct method to prepare its statement of cash flows. Marin trial balances at December 31, 2020 and 2019, are as follows.

 Marin Corp. uses the direct method to prepare its statement of
cash flows. Marin trial balances at December 31, 2020 and 2019, are

Marin Corp. uses the direct method to prepare its statement of cash flows. Marin trial balances at December 31, 2020 and 2019, are as follows. Debits Cash Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense December 31 2020 2019 $34,600 $31,700 32,600 30,300 31,300 46,600 99,700 94,700 4,500 5,000 250, 100 378,000 140,600 171,400 137,700 152,200 4,400 2,700 20,200 60,600 $755,700 $973,200 Credits Allowance for doubtful accounts Accumulated depreciation-plant assets Accounts payable Income taxes payable Deferred tax liability 8% callable bonds payable Common stock Paid in capital in excess of par Retained earnings Sales revenue $1,300 16,400 24,900 21,100 5,300 44,800 50,200 9,200 44,300 538,200 $755,700 $1,000 14,900 15,400 29,100 4,600 20,000 40,000 7,500 64,700 776,000 $973,200 Additional information: 1. Marin purchased $5,000 in equipment during 2020. 2. Marin allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Bad debt expense for 2020 was $5,000, and write-offs of uncollectible accounts totaled $4,700. Determine what amounts Marin should report in its statement of cash flows for the year ended December 31, 2020, for the following items. (a) Cash collected from customers. S (b) Cash paid to suppliers, (c) Cash paid for interest. (d) Cash paid for income taxes. (e) Cash paid for selling expenses. $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!