Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

  1. Sales on Credit, P250, 000.
  2. Collections from customers, P 225,550.
  3. Payment of long term note payable, P15, 000.
  4. Cash Payments to acquire plant assets, P350, 000.
  5. Interest revenue on notes receivable, P10, 000.
  6. Collection of interest receivable, P12,000
  7. Cash receipt of dividends on stock investment, P8, 500.
  8. Grant loans to other company, P50, 000.
  9. Cost of goods sold, P160, 000.
  10. Proceeds from issuance of ordinary shares, P 100,000.
  11. Payment to suppliers, P140, 000.
  12. Proceeds from sale of plant assets, P65, 000.
  13. Salary expense, P55, 000.
  14. Payment of salaries, P65, 000.
  15. Proceeds from issuance of long-term note payable, P95, 000.
  16. Depreciation Expense, P15, 000.
  17. Other operating expenses, P12, 000.
  18. Declaration and payment of cash dividends, P 20,000.
  19. Interest expense and payments, P 13,560.
  20. Purchase of inventory on credit, P 150,500.
  21. 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Financial Accounting

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

5th edition

1259914895, 978-1259914898

Students also viewed these Accounting questions

Question

3. What values would you say are your core values?

Answered: 1 week ago