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use direct and indirect method 1. The income statement of Euro Company for 2020 contains the following: Revenue from sales P 5,000,000 Cost of goods
use direct and indirect method
1. The income statement of Euro Company for 2020 contains the following: Revenue from sales P 5,000,000 Cost of goods sold 3,000,000 Selling expenses 250,000 Depreciation and amortization 200,000 Salaries 300,000 Finance cost 50,000 Income tax expense 400,000 Net income 800,000 . All sales were for cash except for: (a) P85,000 sale resulting in the acceptance of one-year 12% note; and (b) P150,000 sale resulting in the acceptance of a tract of land valued at P150,000. Accrued salaries at December 31, 2016 and 2020 were P55,000 and P37,000 respectively. Finance cost includes P6,750 amortization of bond discount. Income tax expense includes P45,000 deferred tax liability. How much is the net cash provided by (used in) operating activities during 2020Step by Step Solution
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