Based on the above information, prepare a Statement of Cash Flow for the year ended Dec.31,2017. 2.) Prepare a classified balance sheet as of Dec .31, 2017, use report form.
Cash Flow Problem
Mega Corporation real account balances as of December 31, 2016 are given below:
Cash P 1,600,000
Buildings and Equipment 6,000,000
Leaseholds 720,000
Accounts Payable 760,000
Common Stock, no par value 4,600,000
Presented below are the data used in the company’s Statement of
Contract Revenues P 2,000,000
Depreciation expense 600,000
Gain on sale of equipment 240,000
Rent expense 80,000
Proceeds from sale of equipment 480,000
Proceeds from issuance of common stock 1,600,000
Increase in accounts receivable 640,000
Increase in accounts payable 320,000
Payments for purchase of land 1,000,000
Payments for the purchase of buildings & Equipment 1,920,000
Payments for cash dividends 600,000
You were informed that for the accumulated depreciation on the equipment sold was P560,000. Leasehold is for 10 years at an original cost of P800,000.
1.) Based on the above information, prepare a Statement of Cash Flow for the year ended Dec.31,2017.
2.) Prepare a classified
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