Problem 2 The Taehyung Company reported the following condense profit or loss for 2020: P1,000,000 580,000 P 420,000 Sales Less: Cost of Goods Sold Gross Profit Less: Operating expenses Depreciation expense Salaries Expense Profit P 80,000 120,000 Cash Accounts receivable Inventories Accounts payable (trade) Salaries payable 200,000 P 220,000 During 2020, the following changes occurred in the company's current assets and current liabilities: Increase (Decrease) 37,000 (50,000) 89,000 (46,000) 24,000 Instruction: Prepare the operating activities section of Taehyung Company's Statement of Cash Flows for the year ended 2020 using (a) indirect method and (b) direct method.

Problem 2 The Taehyung Company reported the following condense profit or loss for 2020: P1,000,000 580,000 P 420,000 Sales Less: Cost of Goods Sold Gross Profit Less: Operating expenses Depreciation expense Salaries Expense Profit P 80,000 120,000 Cash Accounts receivable Inventories Accounts payable (trade) Salaries payable 200,000 P 220,000 During 2020, the following changes occurred in the company's current assets and current liabilities: Increase (Decrease) 37,000 (50,000) 89,000 (46,000) 24,000 Instruction: Prepare the operating activities section of Taehyung Company's Statement of Cash Flows for the year ended 2020 using (a) indirect method and (b) direct method.

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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