Determine cash withdrawals for the period if net income is $53,000, beginning owner's equity is $47,000, and ending owner's equity is $63,000.
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- Directions: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…kany company reported net income of $78,000 and sales of $219,000at December 31, 2020, Kathy also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Kathy will report cash collected from customers in its 2020 statement of cash flows (direct method) in the amount of:Can you help me with accounting questions