Problem 1A comparative balance sheet and income statement for Rhyezel Companyfollow:Rhyezel CompanyComparative Balance SheetAs of the Years Ended December 31, 2018 and 2019(in thousands)20192018AssetsP11P4Cash230310Accounts receivable195160InventoryPrepaid expensesPlant and equipmentAccumulated depreciation8.500420(85)31(70)38Long-term investmentsP298P830Total assetsLiabilities and Shareholders' EquityР300P225Accounts payable7080Accrued liabilitiesBonds payable1951707163Deferred income taxes160200Ordinary sharesRetained earningsTotal liabilities and shareholders' equity13292P298P830Rhyezel CompanyIncome StatementFor the Year Ended December 31, 2019(in thousands)P750Sales450Cost of goods soldGross marginSelling and administrative expensesNet operating incomeGain on sale of investments30022377P5Loss on sale of equipment23Income before taxes80Income taxes24Net incomeP56During 2019, the company sold some equipment for P18,000 that had costP30,000 and on which there was accumulated depreciation of P10,000. Inaddition, the company sold long-term investments for P12,000 that had cost P7,000 when purchased several years ago. Cash dividends totaling P16,000 werepaid during 2019.Required:1. Using the indirect method, determine the net cash provided by operatingactivities for 2019.2. Using the information in (1) above, along with an analysis of the remainingbalance sheet accounts, prepare a statement of cash flows for 2019.Please present your answer here:

Cash flow statement is a statement which shows details of all cash inflows and cash outflows of…

P7,000 when purchased several years ago. Cash dividends totaling P16,000 were paid during 2019. Required: 1. Using the indirect method, determine the net cash provided by operating activities for 2019. 2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2019. Please present your answer here:

P7,000 when purchased several years ago. Cash dividends totaling P16,000 were paid during 2019. Required: 1. Using the indirect method, determine the net cash provided by operating activities for 2019. 2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2019. Please present your answer here:

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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