Income SiatementFor the Year Ended June 30, 2020Net salesCost of goods sold (including depreciationof P191,500,Operating expenses (including depreciationof P100,000)Interest expenseGain on sale of equipmentGain on sale of trading securitiesUnrealized holding gain on trading securitiesP2,430,500P1,073,000500,0007,500(26,000)(15,000)(44,000)356,000P1,851,500P 579,000Income taxTotalNet income3D====3DTexas CompanyBalance SheetsJune 30Assets20202019CashP532,000P442,000Trading Securities(market)275,000325,000Accounts receivable141,500168,500450,00080,500Inventories86,000Investment in Associates (cost)Land43,00043,0001,095,000321,500Buildings (net)Equipment (net)Total assets352,000P3,057,000242,500P1,540,500Liabilities & EquityP 93,500P107,500Accounts payableShort-term bank loans payableAccrued operating expensesIncome tax payableBonds payable (net)Common stock, P10 par valueAdditional paid in capitalRetained earnings50,00050,00020,500143,000980,00041,500156,500550,000500,000400,000820,000P3,057,000250,000435,000P1,540,500Totai liabilities & equity= == ===REQUIRED:1. Prepare a forecast cash flow statement for the year ended June 30. 20202. Show supporting schedules or 1-acounts 1or many missing amounts. Exercise 5-9During the next fiscal year ending June 30. 2020, Texas Company will makesubstantial investments in new product lines and in a modernization program.Significant changes to be made during the year are listed below:1. Equipment with a net b0ok value of P86,000 will be sold during the year.2. All of the capital stock of Ohio Company will be exchanged with 5,000shares of Texas Company at a time when the market value is P40 per share.P250,000 cash will also be given as part payment.3. Bonds having a face value of P1,000,000 will be issued on June 30, 2020 at98%.4. Trading securities carried at market value of P200,000 will be sold forP215,000.5. New equipment will be purchased during the year.6. A new building will be purchased at a cost of P1,000,000, although there areno building retirements.7. Cash dividends wil! be paid to stockholders.The financial statements forccast for the year ended June 30, 2020 are givennext page:

Given: To find the cash slow statements and supporting schedules with the values provided as,

lation P191,500, Operating expenses (including depreciation of P100,000) Interest expense Gain on sale of equipment Gain on sale of trading securities Unrealized holding gain on trading securities Income tax

lation P191,500, Operating expenses (including depreciation of P100,000) Interest expense Gain on sale of equipment Gain on sale of trading securities Unrealized holding gain on trading securities Income tax

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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Assets Current assets: Cash Marketable securities Accounts receivable (net) Inventory Total current assets Investments Plant and equipment Less: Accumulated depreciation Net plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity Preferred stock, $ 50 par value Common stock, $ 1 par value Capital paid in excess of par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 611,000 272,000 $ 52,500 22,500 178,000 290,000 $ 543,000 66,200 339,000 $948,200 $ 95,100 78,700 12,000 $ 185,800 159,400 $ 345,200 $ 100,000 80,000 190,000 233,000 $ 603,000 $948,200