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need asap John Lee Company Income Statement For the year ended Dec. 31, 20X2 Amounts in Philippine Peso 540,000 Revenues Cost of Sales Operating Expenses,
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John Lee Company Income Statement For the year ended Dec. 31, 20X2 Amounts in Philippine Peso 540,000 Revenues Cost of Sales Operating Expenses, excluding depreciation Depreciation Expense Net Income 3,000,000 900,000 200.000 4.100.000 1,300,000 The following balances are reported on December 31: Cash Accounts Receivable Inventories Accounts Payable 20x1 450,000 1,010,000 250,000 720,000 20x2 1,170,000 1,300,000 320,000 700,000 Additional cash transactions for 20X2: 1. The company bought a delivery truck for 2,000,000 cash. 2. A long-term loan for 1,800,000 was obtained from the bank. 3. The proprietor John Lee withdrew 200,000. Required: Prepare a statement of cash flows using the direct methodStep by Step Solution
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