2. Mabenta Sari-Sari Store had the following transaction during the year: • Purchase of goods. Paid cash – P100,000 • Sale of goods. Received cash – P150,000 • paid utilities – P30,000 • Paid rent - P10,000 • Sold equipment for cash - P100,000 • Owner withdraws investment - P10,000 Assuming cash beginning balance is P50,000, prepare a cash flow statement (direct method) for the year ended 2019. 3. Prepare a cash flow statement (indirect method) for the year ended for Mabilis Delivery Services using the following: • Net income - P 500,000 • Depreciation expense - P70,000 • Gain on sale of property and equipment – P10,000 • Increase in trade and other receivables - net- P250,000 • Increase in trade and other payables – P150,000 Amount of proceeds from sale of property and equipment – P50,000 Paid loan from a bank - P100,000 • Cash, January 1, 2019 – P70,000
2. Mabenta Sari-Sari Store had the following transaction during the year: • Purchase of goods. Paid cash – P100,000 • Sale of goods. Received cash – P150,000 • paid utilities – P30,000 • Paid rent - P10,000 • Sold equipment for cash - P100,000 • Owner withdraws investment - P10,000 Assuming cash beginning balance is P50,000, prepare a cash flow statement (direct method) for the year ended 2019. 3. Prepare a cash flow statement (indirect method) for the year ended for Mabilis Delivery Services using the following: • Net income - P 500,000 • Depreciation expense - P70,000 • Gain on sale of property and equipment – P10,000 • Increase in trade and other receivables - net- P250,000 • Increase in trade and other payables – P150,000 Amount of proceeds from sale of property and equipment – P50,000 Paid loan from a bank - P100,000 • Cash, January 1, 2019 – P70,000
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1PB: Provide journal entries to record each of the following transactions. For each, also identify: *the...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning