2. Mabenta Sari-Sari Store had the following transaction during the year: • Purchase of goods. Paid cash – P100,000 • Sale of goods. Received cash – P150,000 • paid utilities – P30,000 • Paid rent - P10,000 • Sold equipment for cash - P100,000 • Owner withdraws investment - P10,000 Assuming cash beginning balance is P50,000, prepare a cash flow statement (direct method) for the year ended 2019. 3. Prepare a cash flow statement (indirect method) for the year ended for Mabilis Delivery Services using the following: • Net income - P 500,000 • Depreciation expense - P70,000 • Gain on sale of property and equipment – P10,000 • Increase in trade and other receivables - net- P250,000 • Increase in trade and other payables – P150,000 Amount of proceeds from sale of property and equipment – P50,000 Paid loan from a bank - P100,000 • Cash, January 1, 2019 – P70,000
2. Mabenta Sari-Sari Store had the following transaction during the year: • Purchase of goods. Paid cash – P100,000 • Sale of goods. Received cash – P150,000 • paid utilities – P30,000 • Paid rent - P10,000 • Sold equipment for cash - P100,000 • Owner withdraws investment - P10,000 Assuming cash beginning balance is P50,000, prepare a cash flow statement (direct method) for the year ended 2019. 3. Prepare a cash flow statement (indirect method) for the year ended for Mabilis Delivery Services using the following: • Net income - P 500,000 • Depreciation expense - P70,000 • Gain on sale of property and equipment – P10,000 • Increase in trade and other receivables - net- P250,000 • Increase in trade and other payables – P150,000 Amount of proceeds from sale of property and equipment – P50,000 Paid loan from a bank - P100,000 • Cash, January 1, 2019 – P70,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![2. Mabenta Sari-Sari Store had the following transaction during the year:
• Purchase of goods. Paid cash – P100,000
Sale of goods. Received cash – P150,000
• paid utilities – P30,000
• Paid rent - P10,000
• Sold equipment for cash – P100,000
• Owner withdraws investment – P10,000
Assuming cash beginning balance is P50,000, prepare a cash flow statement (direct
method) for the year ended 2019.
3. Prepare a cash flow statement (indirect method) for the year ended for Mabilis
Delivery Services using the following:
• Net income - P 500,000
• Depreciation expense – P70,000
• Gain on sale of property and equipment – P10,000
• Increase in trade and other receivables – net – P250,000
• Increase in trade and other payables – P150,000
• Amount of proceeds from sale of property and equipment – P50,000
• Paid loan from a bank – P100,000
Cash, January 1, 2019 – P70,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5ac7de2-eee3-426b-8a14-45132fbf62c3%2Ffcabb181-04ef-4143-8a9a-1ad13e1bda5a%2Fc2cbkgo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Mabenta Sari-Sari Store had the following transaction during the year:
• Purchase of goods. Paid cash – P100,000
Sale of goods. Received cash – P150,000
• paid utilities – P30,000
• Paid rent - P10,000
• Sold equipment for cash – P100,000
• Owner withdraws investment – P10,000
Assuming cash beginning balance is P50,000, prepare a cash flow statement (direct
method) for the year ended 2019.
3. Prepare a cash flow statement (indirect method) for the year ended for Mabilis
Delivery Services using the following:
• Net income - P 500,000
• Depreciation expense – P70,000
• Gain on sale of property and equipment – P10,000
• Increase in trade and other receivables – net – P250,000
• Increase in trade and other payables – P150,000
• Amount of proceeds from sale of property and equipment – P50,000
• Paid loan from a bank – P100,000
Cash, January 1, 2019 – P70,000
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