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please answer tutor, thanks you, Problem: The accountant of EBC Company has compiled the following data from the firm's records for the year 2017: Sales
please answer tutor,
thanks you,
Problem:
The accountant of EBC Company has compiled the following data from the firm's records for the year 2017:
- Sales on Credit, P250, 000.
- Collections from customers, P 225,550.
- Payment of long term note payable, P15, 000.
- Cash Payments to acquire plant assets, P350, 000.
- Interest revenue on notes receivable, P10, 000.
- Collection of interest receivable, P12,000
- Cash receipt of dividends on stock investment, P8, 500.
- Grant loans to other company, P50, 000.
- Cost of goods sold, P160, 000.
- Proceeds from issuance of ordinary shares, P 100,000.
- Payment to suppliers, P140, 000.
- Proceeds from sale of plant assets, P65, 000.
- Salary expense, P55, 000.
- Payment of salaries, P65, 000.
- Proceeds from issuance of long-term note payable, P95, 000.
- Depreciation Expense, P15, 000.
- Other operating expenses, P12, 000.
- Declaration and payment of cash dividends, P 20,000.
- Interest expense and payments, P 13,560.
- Purchase of inventory on credit, P 150,500.
- Income tax expense and payments, P 25,000.
Cash Balance, January 1, 2017, P550,000
Cash Balance, December 31, 2017, P377,490
Prepare: EBC Company
Statement of Cash Flows
For the Year Ending December 31,2017
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