Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2020, the cash account of Gonzales Car Wash Company was affected by receipts collected from clients, P120,000; proceeds from sale of used cleaning equipment,

image text in transcribed
During 2020, the cash account of Gonzales Car Wash Company was affected by receipts collected from clients, P120,000; proceeds from sale of used cleaning equipment, P3,500; proceeds from a bank loan, P150,000; and additional investment from Jun Gonzales, P10,000. On the other hand, cash was used to buy car vacuum cleaners, P60,000; to pay the bank interest of P1,500 and principal of P50,000; and to pay operating expenses of P75,000. Jun Gonzales also made cash withdrawal of P5,000 during the year. The balance of the Cash account at the beginning of 2020 was P43,500. How much is the net cash flows from financing activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Comprehensive Guide To Information Security Management And Audit

Authors: Rajkumar Banoth, Gugulothu Narsimha, Aruna Kranthi Godishala

1st Edition

1032344431, 978-1032344430

More Books

Students also viewed these Accounting questions