3) Mahogany Company provided the following financial statement for the month of July, 2020. Thestore was opened July 1, 2020 and he wanted you to help him in preparing Cash Flow Statementfor the first month of operation. A Statement of Financial Position, Income Statement and CashLedger have shown the information below.Mahogany CompanyStatement of Financial PositionAs of December 31, 2020ASSETSLIABILITIES AND OWNER'S EQUITYCurrent Assets:Current Liabilities:CashP44,535Accounts PayableP8,110Accounts Receivable575Salaries Payable1,000Inventories15,345Utilities Payable4,000Prepaid rent5,000P65,455Unearned Income1,395P14,505Non-current Assets:Non-current liabilitiesProperty, Plant & EquipmentAccumulated depreciation30,000Long-term Note payable23,00050029,500Total Liabilities37,505Owner's EquityMahogany, Capital57,450Total AssetsP94,955Total liabilities & equityP94,955 Mahogany CompanyIncome StatementFor the year ended Dec 31, 2020Net SalesP111,348Cost of goods sold45,398Gross Profit65,950Less: ExpensesSalaries expenseP14,000Rent expense10,000Utilities expense4,000Depreciation expense50028,500Net IncomeP37,450Account Name: CASHAccount No. 1000ParticularsDebitCreditBalanceOwner's contribution30,00030,000Rent payment15,00015,000Collection from customers110,773125,773Purchase of fixture30,00095,773Payment of salaries13,00082,773Owner's contribution5,00087,773Payment to suppliers52,63335,140Owner's withdrawal15,00020,140Proceeds from bank loan23,00043,140Customer deposit1,39544,535Required: Prepare a Cash Flow Statement using Direct and Indirect Method.Show supporting solutions in your cash flow statement.

Cash flow statement is a statement which records inflow & outflow of cash from the three main…

Mahogany Company Income Statement For the year ended Dec 31, 2020 Net Sales PI11,348 Cost of goods sold 45,398 Gross Profit 65,950 Less: Expenses Salaries expense P14,000 Rent expense Utilities expense 10,000 4,000 Depreciation expense 500 28,500 Net Income P37,450 Account Name: CASH Account No. 1000 Particulars Debit Credit Balance Owner's contribution 30,000 30,000 Rent payment 15,000 15,000 Collection from customers 110,773 125,773 Purchase of fixture 30,000 95,773 Payment of salaries Owner's contribution 13,000 82,773 5,000 87,773 Payment to suppliers 52,633 35,140 Owner's withdrawal 15,000 20,140 Proceeds from bank loan 23,000 43,140 Customer deposit 1,395 44,535 Required: Prepare a Cash Flow Statement using Direct and Indirect Method. Show supporting solutions in your cash flow statement.

Mahogany Company Income Statement For the year ended Dec 31, 2020 Net Sales PI11,348 Cost of goods sold 45,398 Gross Profit 65,950 Less: Expenses Salaries expense P14,000 Rent expense Utilities expense 10,000 4,000 Depreciation expense 500 28,500 Net Income P37,450 Account Name: CASH Account No. 1000 Particulars Debit Credit Balance Owner's contribution 30,000 30,000 Rent payment 15,000 15,000 Collection from customers 110,773 125,773 Purchase of fixture 30,000 95,773 Payment of salaries Owner's contribution 13,000 82,773 5,000 87,773 Payment to suppliers 52,633 35,140 Owner's withdrawal 15,000 20,140 Proceeds from bank loan 23,000 43,140 Customer deposit 1,395 44,535 Required: Prepare a Cash Flow Statement using Direct and Indirect Method. Show supporting solutions in your cash flow statement.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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