The Following Transactions are from Juan to Go Sales. Prepare a statement of Cash flows for the Year Ended December 31, 2019 *Cash Balance on January 1, 2019 was P50,000 Transactions Additional investment of Mr. Juan P200,000 5,000 120,000 Accounts Receivable Purchased transportation equipment Paid loan to Philippine Bank Cash sales 30,000 50,000 3,000 23,000 8,000 2,000 Bad Debts Paid rent for the month Paid utilities for the month Purchased office supplies Paid insurance for the year Cash withdrawal of Mr. Juan 20,000 15,000 65,000 15,000 5,000 2,500 Paid employees' salaries Sold Furniture Paid Taxes Dividends Received Purchased Inventory on Credit Paid Supplier cash 7,000 12,500
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable: Required: 1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and givereasons for each element whether these elements belongs to financing activities or not b. Calculate the relationship between the debt and equity for the year 2019 and 2020, andcomment
- Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and givereasons for each element whether these elements belongs to financing activities or not6. Refer to Alpha's cash T-Account for 2019 shown below. Alpha Industries T-Account December 31, 2019 Amounts in millions ($) Cash Balance January 1, 2019 Collection from Customers Common Stock Issued Long-term Bond Issued Sale of land Balance December 31, 2019 725 200 A net inflow of $160 million A net inflow of $190 million A net inflow of $240 million A net outflow of $90 million 80 200 150 615 150 Payments to suppliers 100 Salaries Paid 100 Payment of rent and utilities 50 Dividends Paid 40 Payment of Loan Principal 300 Purchase of new machine For 2019, what was Alpha's cash flow from financing?Financial information of ABC Company for the year ended December 31, 2021. Description Debit Credit Cash on hand 40,000.00 Cash in bank 900,000.00 Petty cash fund 10,000.00 BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022 150,000.00 Financial assets at fair value 200,000.00 Financial assets at amortized cost 3,000,000.00 Investment in associate at equity method 1,000,000.00 Accounts receivable 580,000.00 Trade Notes receivable 100,000.00 Accrued interest on notes receivable 10,000.00 Advances to employees, collectible currently 30,000.00 Merchandise Inventory 1,500,000.00 Store supplies 50,000.00 Office supplies unused 30,000.00 Prepaid insurance 20,000.00 Land 1,500,000.00 Building 4,500,000.00 Equipment 1,000,000.00…
- Below are the account balances prepared by the bookkeeper for Torres Company as of December 31, 2021: CashAccts receivable, net Php1,765,000 930,007 Inventories 750,000 Investments, cost 763,000 Additional information: a. Included in the cash account are the following: compensating cash fund legally restricted for withdrawal of P300,000; Cash for the retirement of bonds payable of P600,000; Contingency fund of P500,000; Three-months money market funds of P250,000; short term operating funds of P50,000; currencies and coins on hand in various denominations, P65,000. b. The receivable includes, among others; Customers’ account with credit balance of P45,000; Share subscription receivable of P100,000 collectibles within two years from initial recognition. Shares were originally subscribed on June 2, 2020. Also, it included a P600,000 (which had been past due for 6 months) charged to the account of an officer who at the moment is experiencing financial…Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $295,000 $160,000 $ 30,000 On 2020 sales –0– 355,000 90,000 On 2021 sales 408,000 Cash payments for expenses: On 2019 expenses 185,000 67,000 25,000 On 2020 expenses 40,000a 160,000 55,000 On 2021 expenses 45,000b 218,000 a Prepayments of 2020 expenses. b Prepayments of 2021 expenses. Instructions a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. b. Using the data above, prepare abbreviated income statements for the years 2019…1. Prepare a forccast cash flow stateaent for 2020. The beginning and ending balances in each of the balance sheet accounts Dec. 31, 2019 Dec. 31, 2020 Pi00,000 360,000 460,000 30,000 P950,000 P1,500,000 Cash P260,000 Accounts receivable Inventory Prepaid insurance Total current assets 180,000 400,000 50,000 P890,000 P1,200,000 Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 (400,000) P1,800,000 1,400,000 (500,000) P2,400,000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Р 300,000 200,000 20,000 122,000 P 260,000 132,000 30,000 150.000 P 572,000 700,000 1,100,000 978,000 P 642,000 600,000 Total current liabilities Bonds payable Common stock 800,000 Retained earnings 648,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is presented below: Sales Cost of sales Gross profit Operating expenses Income before interest & tax…
- Tranvia Company had the following balances on December 31, 2019: Cash in checking account P350,000 Cash in money market account 750,000 Treasury bill, purchased Nov. 1, 2019 maturing Jan. 31, 3,500,000 2020 Time deposit purchased Dec. 1, 2019 maturing Mar. 31, 4,000,000 2020 What amount should be reported as cash and cash equivalents on December 31, 2019? A P4,600,000 B P8,600,000 c) P3,850,000 (D P1,100,000Rizal Company had the following balances at December 31, 2022: Cash in checking account Cash in money market account - 60 days Treasury bill, purchased Dec. 1, 2022 maturing Feb 28, 2023 Treasury note, purchased Mar. 1, 2022 maturing Feb. 28,2023 P500,000 200,000 500,000 700,000 What amount should Rizal Company report as cash and cash equivalents in its December 31, 2022 statement of financial position?BT21 Inc. has recorded the following transactions on its book for the year 2021. How much total Cash Inflow from financing activities that BT21 should reflected on its Statement of Cash Flow:i. Payment for interest of the issued bonds on April 1, 2021, 900.ii. Cash dividend received on the short-term investment, 5,000iii. Depreciation on plant that manufactures goods for sale, 6,000.iv. Payment of income tax on gain on sale of treasury bills, 2,000.v. Issued 500 ordinary shares for 50,000.vi. Received cash from interest on the acquired treasury bonds of BigHit Corp, 2,400.vii. Payment for marketable securities, 12,000.