Homework Help is Here – Start Your Trial Now!
Business
Accounting
Determine the net cash provided by (used in

Determine the net cash provided by (used in

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
. . Chapter 34 MCP 34-12- Comprehensive The differences in Entity J's statement of financial position accounts at Dec. 31, 2021 and 2020, are presented below. Assets Cash and cash equivalents Accounts receivable, net Inventory Financial assets at FVTOCI Financial assets at AC Property, plant and equipment Accumulated depreciation Statement of Cash Flows 34-33 Share capital, P10 par Share premium Retained earnings Liabilities and Stockholders' Equity Accounts payable and accrued liabilities Dividends payable Short-term bank debt Long-term debt Increase (Decrease) P 120,000 80,000 300,000 (100,000) 700,000 P1,100,000 P (5,000) 160,000 325,000 The following additional information relates to 2021: Net income was P790,000. Cash dividends of P500,000 were declared. Building costing P600,000 and having a carrying amount of P350,000 was sold for P350,000. Equipment costing P110,000 was acquired through issuance of long- 110,000 100,000 120,000 290,000 P1,100,000 term debt. A debt investment classified as financial assets at AC was sold for P135,000. There were no other transactions affecting financial assets at AC. 10,000 ordinary shares were issued for P22 a share.
Transcribed Image Text:. . Chapter 34 MCP 34-12- Comprehensive The differences in Entity J's statement of financial position accounts at Dec. 31, 2021 and 2020, are presented below. Assets Cash and cash equivalents Accounts receivable, net Inventory Financial assets at FVTOCI Financial assets at AC Property, plant and equipment Accumulated depreciation Statement of Cash Flows 34-33 Share capital, P10 par Share premium Retained earnings Liabilities and Stockholders' Equity Accounts payable and accrued liabilities Dividends payable Short-term bank debt Long-term debt Increase (Decrease) P 120,000 80,000 300,000 (100,000) 700,000 P1,100,000 P (5,000) 160,000 325,000 The following additional information relates to 2021: Net income was P790,000. Cash dividends of P500,000 were declared. Building costing P600,000 and having a carrying amount of P350,000 was sold for P350,000. Equipment costing P110,000 was acquired through issuance of long- 110,000 100,000 120,000 290,000 P1,100,000 term debt. A debt investment classified as financial assets at AC was sold for P135,000. There were no other transactions affecting financial assets at AC. 10,000 ordinary shares were issued for P22 a share.
34-34 Intermediate Accounting Vol. III 2022 Edit Determine the net cash provided by (used in) 1. Operating activities a. P 705,000 b. P 920,000 c. P1,040,000 d. P1,160,000 2. Investing activities a. P( 215,000) b. P( 515,000) c. P(1,005,000) d. P(1,115,000) 3. Financing activities a. P 45,000 b. P205,000 c. P(280,000) d. P545,000
Transcribed Image Text:34-34 Intermediate Accounting Vol. III 2022 Edit Determine the net cash provided by (used in) 1. Operating activities a. P 705,000 b. P 920,000 c. P1,040,000 d. P1,160,000 2. Investing activities a. P( 215,000) b. P( 515,000) c. P(1,005,000) d. P(1,115,000) 3. Financing activities a. P 45,000 b. P205,000 c. P(280,000) d. P545,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS