Accounts Payable Prepaid Rent Expense Accounts Receivable (net) 1. PIOLO Corporation had the following account balances for 2020: 31-Dec 67,200 24,600 84,000 1-lan 58,200 37,200 66,600 PIOLO's 2020 profit is P450,000. What amount should PIOLO include as net cash provided by operating activities in its 2002 statement of cash flows? a. 436,200 b. 445,200 c. 453,600 d. 454,200 2. PIOLO Company's 2020 income statement reported cost of goods sold as P135,000. Additional information is as follows: Inventory Accounts Payable 31-Dec-20 30,000 13,000 31-Dec-19 22,500 19,500 If PIOLO uses the direct method, what amount should PIOLO report as cash paid to suppliers in its 2020 statement of cash flows? a. 121,000 b. 134,000 c. 136,000 d. 149,000 Use the following for the next three questions: PIOLO Company uses the direct method to prepare its statement of cash flows. The company had the following cash flows during 2020: Cash receipts from the issuance of ordinary shares Cash receipts from customers Cash receipts from dividends on long-term investments Cash receipts from repayment of loan made to another entity Cash payments for wages and other operating expenses Cash payments for insurance Cash payments for dividends Cash payments for taxes Cash payment to purchase land 400,000 200,000 30,000 220,000 120,000 10,000 20,000 40,000 80,000 3. The net cash provided by (used in) operating activities is b. 40,000 a. 60,000 c. 30,000 d. (20,000) 4. The net cash provided by (used in) investing activities is b. 140,000 a. 220,000 c. 60,000 d. (80,000) 5. The net cash provided by (used in) all activities is b. 410,000 a. 580,000 c. 380,000 d. (60,000)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. PIOLO Corporation had the following account balances for 2020:
31-Dec
67,200
24,600
Accounts Payable
Prepaid Rent Expense
Accounts Receivable (net)
1-Jan
58,200
37,200
66,600
84,000
PIOLO's 2020 profit is P450,000. What amount should PIOLO include as net cash provided by
operating activities in its 2002 statement of cash flows?
a. 436,200
b. 445,200
c. 453,600
d. 454,200
2. PIOLO Company's 2020 income statement reported cost of goods sold as P135,000. Additional
information is as follows:
31-Dec-20
31-Dec-19
Inventory
Accounts Payable
30,000
13,000
22,500
19,500
If PIOLO uses the direct method, what amount should PIOLO report as cash paid to suppliers in
its 2020 statement of cash flows?
a. 121,000
b. 134,000
с. 136,000
d. 149,000
Use the following for the next three questions:
PIOLO Company uses the direct method to prepare its statement of cash flows. The company
had the following cash flows during 2020:
Cash receipts from the issuance of ordinary shares
Cash receipts from customers
Cash receipts from dividends on long-term investments
Cash receipts from repayment of loan made to
another entity
Cash payments for wages and other operating expenses
Cash payments for insurance
Cash payments for dividends
Cash payments for taxes
Cash payment to purchase land
400,000
200,000
30,000
220,000
120,000
10,000
20,000
40,000
80,000
3. The net cash provided by (used in) operating activities is
b. 40,000
a. 60,000
c. 30,000
d. (20,000)
4. The net cash provided by (used in) investing activities is
b. 140,000
a. 220,000
c. 60,000
d. (80,000)
5. The net cash provided by (used in) all activities is
b. 410,000
a. 580,000
c. 380,000
d. (60,000)
Transcribed Image Text:1. PIOLO Corporation had the following account balances for 2020: 31-Dec 67,200 24,600 Accounts Payable Prepaid Rent Expense Accounts Receivable (net) 1-Jan 58,200 37,200 66,600 84,000 PIOLO's 2020 profit is P450,000. What amount should PIOLO include as net cash provided by operating activities in its 2002 statement of cash flows? a. 436,200 b. 445,200 c. 453,600 d. 454,200 2. PIOLO Company's 2020 income statement reported cost of goods sold as P135,000. Additional information is as follows: 31-Dec-20 31-Dec-19 Inventory Accounts Payable 30,000 13,000 22,500 19,500 If PIOLO uses the direct method, what amount should PIOLO report as cash paid to suppliers in its 2020 statement of cash flows? a. 121,000 b. 134,000 с. 136,000 d. 149,000 Use the following for the next three questions: PIOLO Company uses the direct method to prepare its statement of cash flows. The company had the following cash flows during 2020: Cash receipts from the issuance of ordinary shares Cash receipts from customers Cash receipts from dividends on long-term investments Cash receipts from repayment of loan made to another entity Cash payments for wages and other operating expenses Cash payments for insurance Cash payments for dividends Cash payments for taxes Cash payment to purchase land 400,000 200,000 30,000 220,000 120,000 10,000 20,000 40,000 80,000 3. The net cash provided by (used in) operating activities is b. 40,000 a. 60,000 c. 30,000 d. (20,000) 4. The net cash provided by (used in) investing activities is b. 140,000 a. 220,000 c. 60,000 d. (80,000) 5. The net cash provided by (used in) all activities is b. 410,000 a. 580,000 c. 380,000 d. (60,000)
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