Use the information below in preparing the Statement of Cash Flows of the firm for the year ended December 31, 2021 using the direct method.  Cash balance on January 1, 2021 is ₱98,100. Cash transactions during 2021 Amount Receipts from services rendered 893,500 Collections from customer accounts, including interest 420,120 Proceeds from sale of old furniture 8,600 Loan proceeds from Fairbank 342,700 Payment to creditors, including interest 304,320 Payment of operating expenses 784,590 Payment of interest on loan with Fairbank 48,150 Purchase of new repair equipment 65,000 Payment of loan principal 280,000 Withdrawal of owner 60,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Use the information below in preparing the Statement of Cash Flows of the firm for the year ended December 31, 2021 using the direct method.  Cash balance on January 1, 2021 is ₱98,100.

Cash transactions during 2021

Amount

Receipts from services rendered

893,500

Collections from customer accounts, including interest

420,120

Proceeds from sale of old furniture

8,600

Loan proceeds from Fairbank

342,700

Payment to creditors, including interest

304,320

Payment of operating expenses

784,590

Payment of interest on loan with Fairbank

48,150

Purchase of new repair equipment

65,000

Payment of loan principal

280,000

Withdrawal of owner

60,000

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