loader  Loading... Please wait...

Question(s) / Instruction(s):

2007 2006 Cash $ 35,000 $ 32,000 Accounts receivable 33,000 30,000 Allowance for doubtful accounts (1,300) (1,100) Inventory 31,000 47,000 Property, plant, & equipment 100,000 95,000 Accumulated depreciation (16,500) (15,000) Trade accounts payable (25,000) (15,500) Income taxes payable (21,000) (29,100) Deferred income taxes (5,300) (4,600) 8% callable bonds payable (45,000) (20,000) Unamortized bond discount 4,500 5,000 Common stock (50,000) (40,000) Additional paid-in capital (9,100) (7,500) Retained earnings (25,200) (64,600) Sales (558,300) (778,700) Cost of goods sold 250,000 380,000 Selling expenses 141,500 172,000 General and administrative expenses 137,000 151,300 Interest expense 4,300 2,600 Income tax expense 20,400 61,200 $ - $ - Additional information: 1. Los Lobos purchased $5,000 in equipment during 2007. 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 2007 was $5,000, and write-offs of uncollectible accounts totaled $4,800. 4. $12,000 of the debt is current portion. Cash Sales $72,600 Collections on Receivables 477,900 Purchases (219,500) Purchase of Equipment (5,000) Wages (150,700) Payments to Suppliers (126,300) Tax Payments (27,800) Borrowing 30,000 Repayment of Debt (5,000) Interest Payments (3,800) Sale of Stock 11,600 Dividends (51,000) Prepare a statement of cash flows using the direct method.

Find Similar Answers by Subject


Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)


Expert's Answer
Download Solution:
$2.50

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)

You Recently Viewed...



Reach Us

408-538-8534

20-3582-4059

39-008-4233

+1-408-904-6494