Accounts payable are solely used for purchases of inventories from suppliers. All purchases are on account. Other payables are used exclusively for recording operating expenses to be paid in cash. Notes payable are interest-bearing in nature with maturities of 1 year or less. The 2021 year-end balance of the said account was accordingly paid in full during the year. • The company issued bonds on December 31, 2021 for cash. The bonds require annual interest payment of 10% every December 31 and will mature in 5 years. • Treasury stock was reissued during the year for P40,000. Both a cash and a small stock dividend were declared during the year. . No errors were noted in recording the company's transactions for 2022. 2) Prepare the statement of cash flows of Goodbye 99 Series Company in good form for 2022 using the direct method.
Accounts payable are solely used for purchases of inventories from suppliers. All purchases are on account. Other payables are used exclusively for recording operating expenses to be paid in cash. Notes payable are interest-bearing in nature with maturities of 1 year or less. The 2021 year-end balance of the said account was accordingly paid in full during the year. • The company issued bonds on December 31, 2021 for cash. The bonds require annual interest payment of 10% every December 31 and will mature in 5 years. • Treasury stock was reissued during the year for P40,000. Both a cash and a small stock dividend were declared during the year. . No errors were noted in recording the company's transactions for 2022. 2) Prepare the statement of cash flows of Goodbye 99 Series Company in good form for 2022 using the direct method.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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