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e https://newconnect.mheducation.commow/connect.html Getting Started ck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does n indicate completion Return to question The accounting staff of Lambert Company has assembled the following information for the year ended December 31 of the current year Cash sales Credit sales Collections on accounts receivable Cash transterred from the money market fund to the general bank account 825, 000 2, 500, 000 2, 200, 000 250,000 100, 000 Interest and dividends received Purchases (al1 on account) Payments on accounts payable to merchandise supplierS Cash payments tor operating expenses Interest paid Income taxes paid Loans made to berrowers Collections on loana (excluding receipts of intereat) Cash paid to acquire plant assets Book value of plant assets sold Loss on sales of plant assets Proceeds trom 1suing bonds payable Dividenda paid Cash and cash equivalents, Jan.1 1,800, 000 1,500,000 1, os0, 000 180, 000 95, 000 500, 000 260, 000 3, 100, 000 660, 000 80, 000 2, 500, 000 512, 000 Required: a. Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities b-1. Compute the amount of collections from customers. b-2. Compute the amount of cash paid to suppliers and employees b-3. Compute the amount of proceeds from sales of plant assets 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req 83 Compute the amount of collections from customers.Explanation / Answer
a. Statement of cash flows
b-1. Collections from customers
b-2. Cash paid to suppliers and employees
b-3. Proceeds from sales of plant assets
Cash flow from operating activities: Cash received from customers $3025000 Interest and dividends received 100000 Cash provided by operating activities $3125000 Cash paid to suppliers and employees 2550000 Interest paid 180000 Income taxes paid 95000 Cash disbursed for operating activities $2825000 Net cash flow from operating activities $300000 Cash flows from investing activities: Loans made to borrowers (500000) Collections on loans 260000 Cash paid to acquire plant assets (3100000) Proceeds from sales of plant assets 580000 Net cash used in investing activities ($2760000) Cash flows from financing activities: Proceeds from issuing bonds payable 2500000 Dividends paid (120000) Net cash flow from financing activities $2380000 Net increase in cash and cash equivalents ($80000) Cash and cash equivalents, beginning of year $512000 Cash and cash equivalents, end of year $432000Related Questions
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