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Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Relevant...

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Accounting

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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 2014 $35,270 2013 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 $31,600 32,560 29,820 31,480 46,840 93,800 5,270 249,540 380,760 141,640 172,420 136,630 150,230 2,300 60,980 $760,980 $974,020 104,350 4,080 4,770 20,660 Allowance for doubtful accounts Accumulated depreciation-plant assets Accounts payable Income taxes payable Deferred income taxes 8% callable bonds payable Common stock Paid-in capital in excess of par Retained earnings Sales revenue $1,640 16,413 24,530 21,160 5,490 1,340 13,230 17,330 29,180 4,220 45,44019,920 2,350 42,900 7,170 64,260 539,857 774,470 760,980 $974,020 9,510 44,590

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