Adjusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow....
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Adjusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow. Debits, December 31 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% 2020 $56,000 52,800 49,600 160,000 7,200 400,000 226,400 219,200 6,880 32,640 2019 $51,200 48,000 75,200 152,000 8,000 608,000 275,200 242,080 $ 2,080 26,400 40,000 33,600 8,480 72,000 4,160 97,920 $1,210,720 $1,561,760 2020 2019 $ 1,760 24,000 28,000 43,360 7,360 32,000 Common stock Additional paid-in capital Retained earnings Sales Total credits 80,000 64,000 14,560 12,000 71,520 103,360 862,080 1,245,920 $1,210,720 $1,561,760 Additional information 1. Purchased 8,000 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. Required What 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 $ b. Cash paid to suppliers $ c. Cash paid for interest $ d. Cash paid for income taxes $ e. Cash paid for selling expenses $ 0 0 0 0 0 Adjusted trial balances for Garboz Company, an industrial recycler, at December 31, 2020, and 2019, follow. Debits, December 31 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% 2020 $56,000 52,800 49,600 160,000 7,200 400,000 226,400 219,200 6,880 32,640 2019 $51,200 48,000 75,200 152,000 8,000 608,000 275,200 242,080 $ 2,080 26,400 40,000 33,600 8,480 72,000 4,160 97,920 $1,210,720 $1,561,760 2020 2019 $ 1,760 24,000 28,000 43,360 7,360 32,000 Common stock Additional paid-in capital Retained earnings Sales Total credits 80,000 64,000 14,560 12,000 71,520 103,360 862,080 1,245,920 $1,210,720 $1,561,760 Additional information 1. Purchased 8,000 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. Required What 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 $ b. Cash paid to suppliers $ c. Cash paid for interest $ d. Cash paid for income taxes $ e. Cash paid for selling expenses $ 0 0 0 0 0
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
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