Net Sales P10,200,000 Less: Cost of Goods Sold {5,000 000} Gross Prot P 5.200000 Less: Operating Expenses Uncluding P200000 demeciaon and bad debt expense of P100000] [ 2,000 000! Net Operating Income P 3200000 Add: Gain on sale of investment property ?00,000 Holding gain on trading securities 200,000 Less: Amortization of patent {300,000} Realized loss on sale of trading securities (100,000) Loss on sale of factory equipment [400 0001 income before interest and tax P 3,300,000 Less: Loss on interest expense [100 0001 Net income before tax P 3.200.000 Less income tax e>q3ense 960 000 Net Income F 2 240.000 What is the net cash flow from operating activities for the year ended December 31, 2013'? Problem 2?. ASUS Corporation has recently decided to go public and has hired you as an independent CPA. One statement that the entity is anxious to have prepared is a statement of cash flows. Financial statements of ASUS for 2010 and 2009 are provided below. Statement of Financial Position 1251:2010 1281:2009 Cash 153,000 ?2,000 Accounts Receivable 135,000 81,000 Merchandise Inventory 144,000 180,000 PPE (net of Acc. Dep. of P120,000 and P114000 as of 128112010 and 128112009, respectively) 108.000 246 000 540 000 5?!) 000 Accounts payable 66,000 35,000 Income taxes payable 132,000 147,000 Bonds payable 135,000 225,000 Share capital 81,000 81,000 Retained eamings 126 000 90 000 540 000 5?!) 000 Income Statement For the Year Ended December 31,2010 Sales 3,150,000 Cost oi sales 2,682,000 Gross prot 468,000 Selling expenses 225,000 Administrative expenses ?2 000 29? 000 Income from operations 1?1,000 Interest expense 2? 000 Profit before taxes 144.000 Income taxes 36 000 Profit or loss 108 000 The following additional data were provided. 1. Dividends for the year 2010 were PT2,000. 2 During the year, equipment was sold tor P530000. This equipment cost P132000 originally and had a book value 01' P103000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. 1. What is the net cash provided by operating activities? a. 153,000 c.108,000 I). 90000 d 75,000