Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hello can someone help me please, I really need this to be able to pass the subject. THank you so much. Balance sheet for Iskay!
hello can someone help me please, I really need this to be able to pass the subject. THank you so much.
Balance sheet for Iskay! Corporation is presented below: Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Total Assets Dec. 31, 2019 1,312,000 622,000 50,000 2,100,000 610,000 (95,000) 4,599,000 Dec. 31, 2020 1,519,000 550,000 71,000 1,120,000 711,000 (190,000) 3,781,000 Accounts Payable Bonds Payable Total Liabilities 999,000 1,500,000 2,499,000 835,000 800,000 1,635,000 Share Capital Retained earnings Total Equity 1,150,000 950,000 2,100,000 1,400,000 746,000 2,146,000 Additional information and transactions for the year 2020 is as follows: Net income is unknown at this time. Cash Dividends of P241,000 was declared and paid. Land was sold for cash. There was loss on sale amounting to P55,000. Equipment ZZ with a cost of P149,000 and accumulated depreciation of P64,000 was sold for P85,000 cash. Equipment YY was bought in exchange for Iskay!'s ordinary shares. The shares at the time of the exchange was worth P250,000. Prepare a statement of cash flows for Iskay! Corporation for year 2020 using indirect method. (25pts)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started