Prepare Operating Activities

1. Net Profit/Loss
2. Non-Cash Items
3. Current Assets
4. Current Liabilities

And also show the solution

Name: Section: LESSON 1 3 Self-Assessment Task 1.1 RBB RETAILING CORPORATION Statement of Comprehensive Income For the year ended December 31, 2020 Net sales 3,380,000 Less: Cost of sales 2,566,000 Gross profit 814,000 Less: Operating expenses Selling expenses 260,500 General and administrative expenses 352,200 612,700 Income before income tax 201,300 Less: Income tax expense 60,390 Net profit 140,910 Included under General and Administrative Expenses is the depreciation of the following account titles: a. Building - P80,000 b. Office Equipment - P70,000 RBB RETAILING CORPORATION Statement of Changes in Equity As of December 31, 2020 Common Additional Paid in Retained Treasury Stock Earnings Shares Total Equity Capital Balances, beginning 5,700,000 1,220,000 426, 190 (500,000) 6,846, 190 Issuance of shares 300,000 30,000 330,000 Reacquired shares (100,000) (100,000) Net profit 140,910 140,910 Balances, ending 6,000,000 1,250,000 567,100 (600,000) 7,217,100 * as of 2020, P10 par, 1,000,000 shares authorized, 600,000 shares issued, 550,000 shares outstanding, 50,000 shares in the treasury RBB RETAILING CORPORATION Statement of Financial Position As of December 31 ASSETS 2020 2019 Current Assets Cash 500,200 197,590 Accounts receivable 630,000 650,000 Merchandise inventory 1,298,000 1,250,000 Total Current Assets 2,428,200 2,097,590 Noncurrent Assets Land 3,000,000 3,500,000 Building 3,200,000 3,700,000 Accumulated depreciation (100,000) (20,000) Office equipment 400,000 300,000 Accumulated depreciation (100,000) (30,000) Total Noncurrent Assets 6,400,000 7,450,000 TOTAL ASSETS 8,828,200 9,547,590 LIABILITIES AND EQUITY Current Liabilities Accounts payable 425,700 950,600 Salaries payable 785,400 750,800 Total Current Liabilities 1,211, 100 1,701,400 Noncurrent Liabilities Notes payable, due after 2 years 400,000 1,000,000 Total Noncurrent Liabilities 400,000 1,000,000 Total Liabilities 1,611, 100 2,701,400 Equity 7,217, 100 6,846, 190 TOTAL LIABILITIES AND EQUITY 8,828,200 9,547,590