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RBB RETAILING CORPORATION Statement of Comprehensive Income For the year ended December 31, 2020 Net sales Less: Cost of sales 3,380,000 2,566,000 Gross profit 814,000 Less: Operating expenses Selling expenses General and administrative expenses Income before income tax 260,500 352,200 612.700 201,300 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 Stock Additional Paid in Capital Retained Earnings Treasury Shares Total Equity Balances, beginning 1,220,000 426,190 (500,000) 6,846,190 5,700,000 300,000 Issuance of shares 30,000 Reacquired shares (100,000) 330,000 (100,000) 140,910 Net profit 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 500,200 197,590 630,000 650,000 1,298,000 1,250,000 Accounts receivable Merchandise inventory Total Current Assets Noncurrent Assets 2.428,200 2,097,590 Land 3,000,000 3,500,000 Building 3,200,000 3,700,000 Accumulated depreciation (100,000) 400,000 (20,000) 300,000 Office equipment (100,000) (30,000) Accumulated depreciation Total Noncurrent Assets 6,400,000 7,450,000 TOTAL ASSETS 8,828,200 9,547,590 LIABILITIES AND EQUITY Current Liabilities 425,700 950,600 Accounts payable Salaries payable 785,400 750,800 Total Current Liabilities 1,211,100 1,701,400 Noncurrent Liabilities 400,000 1,000,000 Notes payable, due after 2 years Total Noncurrent Liabilities 400,000 1,000,000 Total Liabilities 1,611,100 7,217,100 2,701,400 6,846,190 Equity TOTAL LIABILITIES AND EQUITY 8,828,200 9,547,590 Based on the given, prepare the Statement of Cash Flows. RCS CONSULTANCY CORPORATION Statement of Comprehensive Income For the year ended December 31, 2020 Net Receipts 2,500,000 Less: Cost of service 1,375,000 Gross profit 1,125,000 Less: Operating expenses Distribution costs 125,000 General & administrative expenses 500,000 625,000 Income before Income tax 500,000 Less: Income tax 150,000 Net profit 350,000 Included under General and Administrative Expenses is the depreciation of the following account titles: a. Building - P150,000 b. Office Equipment - P20,000 RCS CONSULTANCY CORPORATION Statement of Changes in Equity For the year ended December 31, 2020 Ordinary Share Retained Shares Premium Earnings Treasury Shares Total Equity Balances, Beginning 2,500,000 500,000 50,000 (100,000) 2,950,000 Add: Issuance of shares 250,000 25,000 275,000 Less: Acquisition of shares (105,000) (105,000) Add: Net profit 350,000 350,000 (300,000) Less: Dividends (300,000) Balances, Ending 2,750,000 525,000 100,000 (205,000) 3,170,000 20, P10 par, 500,000 shares authorized, 275,000 shares issued, 255,000 shares outstanding, 20,000 shares in the treasury RCS CONSULTANCY CORPORATION Statement of Financial Position As of December 31 ASSETS 2020 2019 Current Assets Cash 1,090,000 202,200 208,000 Accounts receivable 350,000 Merchandise inventory 120,100 144,500 Total Current Assets 1,560,100 554,700 Noncurrent Assets Land 1,100,000 1,500,000 1,200,000 1,500,000 Building Accumulated depreciation (300,000) (450,000) 200,000 100,000 Office equipment Accumulated depreciation (60,000) (40,000) Total Noncurrent Assets 1,990,000 2,760,000 TOTAL ASSETS 3,550,100 3,314,700 LIABILITIES AND EQUITY Current Liabilities 140,100 164,500 Accounts payable Salaries payable Income tax payable 120,000 80,000 150,000 30,200 Total Current Liabilities 370,100 314,700 Noncurrent Liabilities Notes payable, due after 2 years 10,000 50,000 Total Noncurrent Liabilities 10,000 50,000 Total Liabilities 380,100 364,700 Equity 3,170,000 2,950,000 TOTAL LIABILITIES AND EQUITY 3,550,100 3,314,700 Determine the amount of cash provided by/(used in): Operating Activities Investing Activities Financing Activities The following information is taken from the records of Golden Harvest Corporation: Collections from: Sale of merchandise 3,700,000 Sale of share capital 4,200,000 Sale of investment property 1,300,000 Issuance of bonds 2,000,000 Dividends on investments held 90,000 Payments for: Purchase of furniture and fixtures 3,400,000 1,505,000 Operating expenses Merchandise purchased 2,580,000 100,000 Purchase of treasury shares Interest on notes payable 120,000 Notes payable 1,000,000 Dividends 500,000 1. How much is the net cash flow from operating activities? 2. How much is the net cash flow from investing activities? 3. How much is the net cash flow from financing activities? 4. Assume a cash balance of P500,000 at the beginning of the year. How much is the cash balance at the end of the year? The following information is taken from the 2020 general ledger of Robinson Company: Sales revenue 18,000,000 Accounts receivable, Jan. 1 1,500,000 Accounts receivable, Dec. 31 800,000 In the cash flow statement, how much will be presented as collections from customers during 2020? Rent expense Prepaid rent, January 1 Prepaid rent, December 31 3,100,000 500,000 720,000 How much cash payment for rental will be presented under operating activities? Salaries expense Salaries payable, January 1 Salaries payable, Dec. 31 5,400,000 50,000 120,000 How much cash payment for salaries will be presented under operating activities? Commission income Unearned commission, Jan. 1 Unearned commission, Dec. 31 2,000,000 320,000 190,000 How much commission was collected during the year? During the year 2020, the Belleview Company had generated total sales revenue of P1,000,000, of which P990,000 were collected during the year, including collections of P120,000 sales revenue made in 2019. The company purchased goods costing P600,000, paid P650,000 to merchandise suppliers including payment for goods purchases in 2019 of P80,000. Included in P180,000 operating expenses was depreciation of P35,000. Accrued operating expenses decreased by P12,000 from January 1, 2020 to December 31, 2020. The company paid interest of P6,000 and income taxes of P90,000 during 2020. 1. How much operating expenses were paid in cash during 2020? 2. How much was provided by/(used in) operating activities during 2020? QUESTION 1 - You are given until September 22, 2020 to complete this seatwork. - You can keep on answering this seatwork and use it as a reviewer for quizzes and exam but the recorded score will be based on your first (1st) attempt. - You can view the solutions to the problem after the due date. (starting on September 23, 2020) Roe Company provided the following account balances: 2019 Machinery 2,500,000 Acc. Depreciation 1,020,000 Loss on sale of machinery 2020 3,200,000 1,200,000 40,000 During 2020, the entity sold for P260,000 a machine with original cost of P400,000 and purchased an item of machinery. What is the depreciation of machinery for 2020? 0 180,000 O 240,000 O 280,000 O 320,000 QUESTION 2 What is the cost of machinery purchases in 2020? O 340,000 700,000 O 960,000 O 1,100,000 Oakwood Company provided the following data for the year: Cash balance, beginning of the year Cash flow from financing activities Cash flow from operating activities Cash flow from investing activities Total shareholders' equity, beginning of the year 1,300,000 1,000,000 400,000 (1,500,000) 2,000,000 What is the cash balance at the end of the year? O 1,200,000 O 1,600,000 O 1,400,000 O 1,700,000 Sun Company provided the following data for the preparation of the statement of cash flows for the current year: Increase in accounts receivable Decrease in income tax payable Depreciation Net income Gain on sale of equipment Loss on sale of building 300,000 170,000 1,000,000 250,000 440,000 210,000 Using the indirect method, what should be reported as net cash flow from operating activities? 780,000 700,000 880,000 550,000 Alpha Company had the following activities during the year: Acquired 2,000 shares of Maybel Corporation for P260,000. Sold an investment in Rate Motors for P350,000 when the carrying amount was P330,000. Acquired a P500,000, 4-year certificate of deposit from a bank. During the year, interest of P37,500 was paid to Alpha. Collected dividends of P12,000 on share investment. What is the net cash used in investing activities? 372,500 360,500 398,000 410,000 King Company provided the following information for the current year: Dividends paid Proceeds from issuance of shares Borrowings under a line of credit Proceeds from issuance of convertible bonds Proceeds from sale of building 3,000,000 2,500,000 2,000,000 1,000,000 1,500,000 What is the net cash flows provided by financing activities? O P5,500,000 O P1,500,000 P2,500,000 P500,000