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Account Name: CASH Account No. 1000 Particulars Debit Credit Balance Owner's contribution 30,000 30,000 Rent payment 15,000 15,000 Collection from customers 110,773 125,773 Purchase of fixture 30,000 95,773 Payment of salaries 13,000 82,773 Owner's contribution 5,000 87,773 Payment to suppliers 52,633 35,140 Owner's withdrawal 15,000 20,140 Proceeds from bank loan 23,000 43,140 Customer deposit 1,395 44,535

Account Name: CASH Account No. 1000 Particulars Debit Credit Balance Owner's contribution 30,000 30,000 Rent payment 15,000 15,000 Collection from customers 110,773 125,773 Purchase of fixture 30,000 95,773 Payment of salaries 13,000 82,773 Owner's contribution 5,000 87,773 Payment to suppliers 52,633 35,140 Owner's withdrawal 15,000 20,140 Proceeds from bank loan 23,000 43,140 Customer deposit 1,395 44,535

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 59BE
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Mahogany Company Income Statement For the year ended Dec 31, 2020 Net Sales P111,348 Cost of goods sold 45,398 Gross Profit 65,950 Less: Expenses Salaries expense P14,000 Rent expense 10,000 Utilities expense 4,000 Depreciation expense 500 28,500 Net Income P37,450 Account Name: CASH Account No. 1000 Particulars Debit Credit Balance Owner's contribution 30,000 30,000 Rent payment 15,000 15,000 Collection from customers 110,773 125,773 Purchase of fixture 30,000 95,773 Payment of salaries 13,000 82,773 Owner's contribution 5,000 87,773 Payment to suppliers 52,633 35,140 Owner's withdrawal 15,000 20,140 Proceeds from bank loan 23,000 43,140 Customer deposit 1,395 44,535 Required: Prepare a Cash Flow Statement using Direct and Indirect Method. Show supporting solutions in your cash flow statement.
Transcribed Image Text:Mahogany Company Income Statement For the year ended Dec 31, 2020 Net Sales P111,348 Cost of goods sold 45,398 Gross Profit 65,950 Less: Expenses Salaries expense P14,000 Rent expense 10,000 Utilities expense 4,000 Depreciation expense 500 28,500 Net Income P37,450 Account Name: CASH Account No. 1000 Particulars Debit Credit Balance Owner's contribution 30,000 30,000 Rent payment 15,000 15,000 Collection from customers 110,773 125,773 Purchase of fixture 30,000 95,773 Payment of salaries 13,000 82,773 Owner's contribution 5,000 87,773 Payment to suppliers 52,633 35,140 Owner's withdrawal 15,000 20,140 Proceeds from bank loan 23,000 43,140 Customer deposit 1,395 44,535 Required: Prepare a Cash Flow Statement using Direct and Indirect Method. Show supporting solutions in your cash flow statement.
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