PROBLEM A. Analysis of SHELBY Co. records disclosed the following changes for the year 2020 and the supplementary data listed below: Cash - 150,000 increase; Accounts Receivable - 100,000 decrease; Inventory- P50,000 increase; Prepaid expenses-5,000 increase; Accounts Payable - 70,000 increase; Accrued salaries - 10,000 increase; unearn revenue - 25,000 decrease During 2020, the owner borrowed P350,000 in notes from the bank. Interest of P5,000 is payable on December 31, 2020. There was P1,000 accrued interest at December 31, 2019. The owner also made withdrawals in 2020 of P25,000.
PROBLEM A. Analysis of SHELBY Co. records disclosed the following changes for the year 2020 and the supplementary data listed below: Cash - 150,000 increase; Accounts Receivable - 100,000 decrease; Inventory- P50,000 increase; Prepaid expenses-5,000 increase; Accounts Payable - 70,000 increase; Accrued salaries - 10,000 increase; unearn revenue - 25,000 decrease During 2020, the owner borrowed P350,000 in notes from the bank. Interest of P5,000 is payable on December 31, 2020. There was P1,000 accrued interest at December 31, 2019. The owner also made withdrawals in 2020 of P25,000.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 24CE
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