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Problem 3 The following information was obtained from analysis of selected accounts of Jungkook Co. for the year ended December 31, 2020: Withdrawal by the owner Proceeds of bank loan Interest expense Depreciation expense-Building Depreciation expense-Furniture and Fixtures Loss on sale of equipment Gain on sale of land Additional cash investment by owner Purchase of equipment Proceeds on sale of land Payment of bank loan Profit Increase in accounts receivable Decrease in inventory Increase in trade payables Increase in income tax payable Decrease in interest payable Depreciation expense- equipment The balance of cash at January 1, 2020 was P2,000,000. Instruction: Compute the cash balance on December 31, 2020. 1,000,000 5,000,000 875,000 1,000,000 500,000 300,000 200,000 4,500,000 1,000,000 1,800,000 2,000,000 5,950,000 2,000,000 2,400,000 4,200,000 1,300,000 700,000 300,000

Problem 3 The following information was obtained from analysis of selected accounts of Jungkook Co. for the year ended December 31, 2020: Withdrawal by the owner Proceeds of bank loan Interest expense Depreciation expense-Building Depreciation expense-Furniture and Fixtures Loss on sale of equipment Gain on sale of land Additional cash investment by owner Purchase of equipment Proceeds on sale of land Payment of bank loan Profit Increase in accounts receivable Decrease in inventory Increase in trade payables Increase in income tax payable Decrease in interest payable Depreciation expense- equipment The balance of cash at January 1, 2020 was P2,000,000. Instruction: Compute the cash balance on December 31, 2020. 1,000,000 5,000,000 875,000 1,000,000 500,000 300,000 200,000 4,500,000 1,000,000 1,800,000 2,000,000 5,950,000 2,000,000 2,400,000 4,200,000 1,300,000 700,000 300,000

FINANCIAL ACCOUNTING
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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FABM2:

Statement of Cash Flowss

 

Problem 3 The following information was obtained from analysis of selected accounts of Jungkook Co. for the year ended December 31, 2020: Withdrawal by the owner Proceeds of bank loan Interest expense Depreciation expense-Building Depreciation expense-Furniture and Fixtures Loss on sale of equipment Gain on sale of land Additional cash investment by owner Purchase of equipment Proceeds on sale of land Payment of bank loan Profit Increase in accounts receivable Decrease in inventory Increase in trade payables Increase in income tax payable Decrease in interest payable Depreciation expense- equipment The balance of cash at January 1, 2020 was P2,000,000. Instruction: Compute the cash balance on December 31, 2020. 1,000,000 5,000,000 875,000 1,000,000 500,000 300,000 200,000 4,500,000 1,000,000 1,800,000 2,000,000 5,950,000 2,000,000 2,400,000 4,200,000 1,300,000 700,000 300,000
Transcribed Image Text:Problem 3 The following information was obtained from analysis of selected accounts of Jungkook Co. for the year ended December 31, 2020: Withdrawal by the owner Proceeds of bank loan Interest expense Depreciation expense-Building Depreciation expense-Furniture and Fixtures Loss on sale of equipment Gain on sale of land Additional cash investment by owner Purchase of equipment Proceeds on sale of land Payment of bank loan Profit Increase in accounts receivable Decrease in inventory Increase in trade payables Increase in income tax payable Decrease in interest payable Depreciation expense- equipment The balance of cash at January 1, 2020 was P2,000,000. Instruction: Compute the cash balance on December 31, 2020. 1,000,000 5,000,000 875,000 1,000,000 500,000 300,000 200,000 4,500,000 1,000,000 1,800,000 2,000,000 5,950,000 2,000,000 2,400,000 4,200,000 1,300,000 700,000 300,000
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