Problem 1A comparative balance sheet and income statement for Rhyezel Companyfollow:Rhyezel CompanyComparative Balance SheetAs of the Years Ended December 31, 2018 and 2019(in thousands)20192018AssetsP4P11Cash310230Accounts receivable160195InventoryPrepaid expensesPlant and equipmentAccumulated depreciationLong-term investments8.6.500420(85)(70)3138Total assetsP298P830Liabilities and Shareholders' EquityAccounts payableP300P225Accrued liabilities7080Bonds payable195170Deferred income taxes7163Ordinary sharesRetained earningsTotal liabilities and shareholders' equity16020013292P298P830Rhyezel CompanyIncome StatementFor the Year Ended December 31, 2019(in thousands)SalesP750Cost of goods soldGross marginSelling and administrative expensesNet operating income45030022377Gain on sale of investmentsP5Loss on sale of equipment23Income before taxes80Income taxes24Net incomeP56During 2019, the company sold some equipment for P18,000 that had costP30,000 and on which there was accumulated depreciation of P10,000. Inaddition, the company sold long-term investments for P12,000 that had cost P7,000 when purchased several vears ago, Cash dividends totaling P16,000 werepaid during 2019.Required:1. Using the indirect method, determine the net cash provided by operatingactivities for 2019.2. Using the information in (1) above, along with an analysis of the remainingbalance sheet accounts, prepare a statement of cash flows for 2019.Please present your answer here:

Answered: Image /qna-images/answer/884529fa-769a-4dfb-acee-2bdf89b859e4.jpg

Answered: A comparativé Bala follow: Rhyezel…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How do you find the red numbers on the balance sheet and income statement?
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A comparativé Bala follow: Rhyezel Company Comparative Balance Sheet As of the Years Ended December 31, 2018 and 2019 (in thousands) Assets 2019 2018 Cash P4 P11