Using either Direct or Indirect Method of presenting Cash flows from Operations, Net Cash flow from operations for the year 2021 amounted to? PROBLEM ATRIUMVIRATE TRADING has the following December 31, 2020 and 2021 Statements of Financial Position and 2021Income Statement, and additional information regarding transactions in 2021.TRIUMVIRATE TRADINGComparative Statement of Financial PositionDecember 3120212020CashP?P 430,000Accounts Receivable1,020,000420,000Prepaid Rent18,00012,000Inventories650,000500,000Land4,500,0004,500,000Buildings, net9,950,0003,600,000Total Assets9,462,000Accounts PayableP 55,000P 340,000Notes Payable6,000,000Salaries Payable240,000120,000Interest Payable20,000Income Tax Payable604,700Total Liabilities6,919,700450,000 TRIUMVIRATE TRADINGIncome StatementDecember 31, 2021SalesP.9,200,000Cost of Goods Sold(3,200,000)Gross Profit6,000,000Gain on Sale of Plant Assets300,000Depreciation Expense(750,000)Salaries Expense(2,100,000)Rent Expense(125,000)Miscellaneous Expense(270,000)EBIT3,055,000Interest Expense(100,000)EBT2,955,000Tax Expense(886,500)Net Income2,068,500Additional information for 2021:• Plant assets were sold on cash and has a carrying value of P500,000• Cash withdrawals of the owner amounted to P1,200,000• Owner also invested additional P5,000,000 additional cash• Borrowed P6,000,000 cash on November 1, 2021 to be paid back with annual interest of 10% on June 1, 2011. Interest accrued everytwo months are paid 80% upon accrual while 20% on the next two months after the accrual.• Miscellaneous Expenses are all non-cash expenses

Answered: Image /qna-images/answer/1b2b4f62-b21b-419a-9abe-6360fd0a1812.jpg

December 31 2021 2020 sh P 430,000 P? zounts Receivable 1,020,000 420,000 epaid Rent 18,000 12,000 rentories 650,000 500,000 nd 4,500,000 4,500,000 ildings, net 9,950,000 3,600,000 tal Assets ? 9,462,000 counts Payable P 55,000 P 340,000 tes Payable 6,000,000 laries Payable 240,000 120,000 erest Payable 20,000 come Tax Payable 604,700 tal Liabilities 6,919,700 450,000

December 31 2021 2020 sh P 430,000 P? zounts Receivable 1,020,000 420,000 epaid Rent 18,000 12,000 rentories 650,000 500,000 nd 4,500,000 4,500,000 ildings, net 9,950,000 3,600,000 tal Assets ? 9,462,000 counts Payable P 55,000 P 340,000 tes Payable 6,000,000 laries Payable 240,000 120,000 erest Payable 20,000 come Tax Payable 604,700 tal Liabilities 6,919,700 450,000

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 8P

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