..Chapter 34MCP 34-12- ComprehensiveThe differences in Entity J's statement of financial position accounts atDec. 31, 2021 and 2020, are presented below.AssetsCash and cash equivalentsAccounts receivable, netInventoryFinancial assets at FVTOCIFinancial assets at ACProperty, plant and equipmentAccumulated depreciationStatement of Cash Flows 34-33Share capital, P10 parShare premiumRetained earningsLiabilities and Stockholders' EquityAccounts payable and accrued liabilitiesDividends payableShort-term bank debtLong-term debtIncrease(Decrease)P 120,00080,000300,000(100,000)700,000P1,100,000P (5,000)160,000325,000The 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 ofP350,000 was sold for P350,000.Equipment costing P110,000 was acquired through issuance of long-110,000100,000120,000290,000P1,100,000term debt.A debt investment classified as financial assets at AC was sold forP135,000. There were no other transactions affecting financialassets at AC.10,000 ordinary shares were issued for P22 a share. 34-34 Intermediate Accounting Vol. III 2022 EditDetermine the net cash provided by (used in)1. Operating activitiesa. P 705,000b. P 920,000c. P1,040,000d. P1,160,0002. Investing activitiesa. P( 215,000)b. P( 515,000)c. P(1,005,000)d. P(1,115,000)3. Financing activitiesa. P 45,000b. P205,000c. P(280,000)d. P545,000

Particulars Amount A. Cash flows from operating Activities Net Income 790000 Less :…

Answered: Determine the net cash provided by…

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Determine the net cash provided by (used in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

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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

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The statements of financial position for W Limited are as follows: 31 December Non-current assets Land and buildings Cost/valuation Accumulated depreciation Plant and equipment Cost Accumulated depreciation Current assets Inventory Trade receivables Cash and cash equivalents Total Assets Equity and Liabilities Ordinary share capital ($1 shares) Share premium Revaluation reserve Retained earnings Non-current liabilities 12% debenture (2030) Current liabilities Trade payables Bank overdraft 2021 $000 4 1150 201 949 539 326 213 1162 117 135 252 1414 600 120 80 136 936 150 86 242 328 478 1414 2020 $000 650 160 490 454 274 180 670 89 103 37 229 899 400 70 109 579 200 120 120 320 899 Total liabilities Total equity and liabilities The following information is also available. 1 The cost of land and buildings at 31 December 2020 comprised of land $250000 and buildings $400 000. The land, which is not depreciated, had been revalued to $330 000 on 1 July 2021. 2 On 1 March 2021, a final dividend…
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