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a. Received P180 000.00 cash investment from the owner bea oiti b. Provided P400 000.00 services on account c. Incurred P220 000.00 operating expenses on account d. Collected P320 000.00 cash from accounts receivable e. Allowed P30 000.00 cash withdrawal to the owner of the business f. Paid P160 000.00 cash on accounts payable g. Performed services for P30 000.00 cash h. Paid P12 000.00 cash for expenses

a. Received P180 000.00 cash investment from the owner bea oiti b. Provided P400 000.00 services on account c. Incurred P220 000.00 operating expenses on account d. Collected P320 000.00 cash from accounts receivable e. Allowed P30 000.00 cash withdrawal to the owner of the business f. Paid P160 000.00 cash on accounts payable g. Performed services for P30 000.00 cash h. Paid P12 000.00 cash for expenses

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer number 4

j. Câsh päid out to 3. Read the scenario below. Then determine the net cash flows from operating activities using the indirect method. Innovative Apps had a profit of P330 000.00 in 2016. During the year, the entity had a depreciation expense of P70 000.00. Accounts receivable increased by PI10 000.00 and accounts payable increased by P50 000.00. The entity started operations in 2016 and the foregoing are the entity's only current assets and current liabilities. 4. Classify each of the following transactions as cash flow from operating activities (O), cash flow from investing activities (I), or cash flow from financing activities (F). Transactions that do not affect the CFS should be identified as N/A. Then prepare the CFS. The following transactions pertain to the operations of Happy Events, an events planning company owned by Jessie Natividad. The entity had the following transactions during the month: a. Received P180 000.00 cash investment from the owner b. Provided P400 000.00 services on account c. Incurred P220 000.00 operating expenses on account d. Collected P320 000.00 cash from accounts receivable e. Allowed P30 000.00 cash withdrawal to the owner of the business f. Paid P160 000.00 cash on accounts payable g. Performed services for P30 000.00 cash h. Paid P12 000.00 cash for expenses
Transcribed Image Text:j. Câsh päid out to 3. Read the scenario below. Then determine the net cash flows from operating activities using the indirect method. Innovative Apps had a profit of P330 000.00 in 2016. During the year, the entity had a depreciation expense of P70 000.00. Accounts receivable increased by PI10 000.00 and accounts payable increased by P50 000.00. The entity started operations in 2016 and the foregoing are the entity's only current assets and current liabilities. 4. Classify each of the following transactions as cash flow from operating activities (O), cash flow from investing activities (I), or cash flow from financing activities (F). Transactions that do not affect the CFS should be identified as N/A. Then prepare the CFS. The following transactions pertain to the operations of Happy Events, an events planning company owned by Jessie Natividad. The entity had the following transactions during the month: a. Received P180 000.00 cash investment from the owner b. Provided P400 000.00 services on account c. Incurred P220 000.00 operating expenses on account d. Collected P320 000.00 cash from accounts receivable e. Allowed P30 000.00 cash withdrawal to the owner of the business f. Paid P160 000.00 cash on accounts payable g. Performed services for P30 000.00 cash h. Paid P12 000.00 cash for expenses
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