Dela Rosa Company CompanyThe income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains thefollowing condensed information.Dela Rosa Company CompanyIncome StatementFor the Year Ended December 31, 2X20Sales revenueP6,583,000Cost of goods soldOperating expenses (excluding depreciation)Depreciation expenseLoss on disposal of plant assetsIncome before income taxesIncome tax expenseNet incomeP2,810,0002,086,000880,00024,0005,800.000783,000353,000P430,000The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a costof P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December31,Dela Rosa Company CompanyComparative Balance SheetsCashAccounts receivableInventoryAccounts payable2X20P672,000775,000834,000521,0002X19P130,000610,000867,000501,000Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020totaled P200,000.Required:Prepare the statement of cash flows using:Indirect methodb. Direct methoda.

Name: Dela Rosa Company CompanyThe income statement for the year ended Dece
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Description: Dela Rosa Company CompanyThe income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains thefollowing condensed information.Dela Rosa Company CompanyIncome StatementFor the Year Ended December 31, 2X20Sales revenueP

Cash flow statement is the statement which shows the total data in relation to the business cash…

Business

Accounting

for the year ended December 31, 2020, for Dela Rosa Company Company contains the llowing condensed information. Dela Rosa Company Company. Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800.000 783,000

for the year ended December 31, 2020, for Dela Rosa Company Company contains the llowing condensed information. Dela Rosa Company Company. Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800.000 783,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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