Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help me please The following data are taken from the records of Butt I. Que for the year 2017. to ab Legal fees received from

Help me please

image text in transcribed
The following data are taken from the records of Butt I. Que for the year 2017. to ab Legal fees received from clients P-408,000 Depreciation expense 70,000 Proceeds of bank loan 504,000 Cash purchase of land 1,100,000 Provision for bad debts 18,000 Additional investment of Atty. Que 300,000 Partial payment of bank loan 200,000 Commission income receivable 23,000 Research income received 32,000 Taxes and licenses payable 7,240 Operating expenses 360,000 Collection of accounts 600,000 Interest on bank loan paid 94,000 Proceeds from sale of equipment 860,000 Cash balance on January 1, 2017 is P 200,000. Required: Prepare a statement of cash flows then determine the following: 1. Net cash flow from operating activities 2. Net cash flow from investing activities 3. Net cash flow from financing activities 4. Net increase/decrease in cash 5. Cash balance on December 31, 2017 ORET Ren Ren Merchandising Statement of Cash Flows For Year Ended December 31, 2016 Cash Flows from Operating Activities Receipts Collections from customers P315,800 Rent income 30,000 Dividends income 12,000 Interest income 9,000 Payments Operating expenses (145,000) Interest expense (6,000) Net Cash from Operating Activities P 215,800 Cash Flows from Investing Activities Receipts Proceeds from sale of equipment P 15,000 Proceeds from sale furniture 8,000 Payments For purchase of furniture (31,000) (8,000) Net Cash from Investing Activities Cash Flows from Financing Activities Receipts Additional investment of owner P 22,200 Proceeds of bank loan onlbnot200,000 WOY hot Payments Cash withdrawal of owner (30,000) Payment of bank loan (150,000] Net Cash from FinancingActivities 42,200 Net Increase/Decrease in Cash P 250,000 Cash balance - January 1 200,000 Cash balance - December 31 P450,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Automation Production Systems and Computer Integrated Manufacturing

Authors: Mikell P.Groover

3rd edition

132393212, 978-0132393218

Students also viewed these Accounting questions