Exercise 5-7 The beginning and ending balances in each of the balance sheet accounts of the Mexico Company are as follows: Dec. 31, 2019 P260,000 180,000 400,000 50,000 P890,000 P1,200,000 Dec. 31, 2020 P100,000 Cash Accounts receivable 360,000 Inventory 460,000 Prepaid insurance Total current assets 30,000 P950,000 P1,500,000 Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 1,400,000 (400,000) PI,800,000 (500.000) P2.400,000 Total assets P2,690,000 P3,350,000 P 260,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Total current liabilities P 300,000 200,000 20,000 122,000 P 642,000 600,000 132,000 30,000 150.000 P 572,000 700,000 1,100,000 Bonds payable Common stock 800,000 Retained earnings 648,000 978,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 presented below: P2,500,000 Sales 1,400,000 P1,100,000 300,000 P 800,000 50,000 P 750,000 300,000 P 450,000 Cost of sales Gross profit Operating expenses Income before interest & tax Interest expense Income before tax Income tax Net income REQUIRED: 1. Prepare a forecast cash flow statement for 2020

Exercise 5-7 The beginning and ending balances in each of the balance sheet accounts of the Mexico Company are as follows: Dec. 31, 2019 P260,000 180,000 400,000 50,000 P890,000 P1,200,000 Dec. 31, 2020 P100,000 Cash Accounts receivable 360,000 Inventory 460,000 Prepaid insurance Total current assets 30,000 P950,000 P1,500,000 Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 1,400,000 (400,000) PI,800,000 (500.000) P2.400,000 Total assets P2,690,000 P3,350,000 P 260,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Total current liabilities P 300,000 200,000 20,000 122,000 P 642,000 600,000 132,000 30,000 150.000 P 572,000 700,000 1,100,000 Bonds payable Common stock 800,000 Retained earnings 648,000 978,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 presented below: P2,500,000 Sales 1,400,000 P1,100,000 300,000 P 800,000 50,000 P 750,000 300,000 P 450,000 Cost of sales Gross profit Operating expenses Income before interest & tax Interest expense Income before tax Income tax Net income REQUIRED: 1. Prepare a forecast cash flow statement for 2020

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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