Shown below are selected 2020 account balances (before adjustments) taken from the books of SINOCorporation:Sales salaries and commissions70,00032,180Advertising expenseLegal servicesInsurance and licensesSalesmen's traveling expenseDepreciation expense - delivery equipmentDepreciation expense - office equipment4,45017,0007,12012,2009,6001,40012,8002,9504,3604,40066,00014,3009,040Interest incomeUtilitiesTelephone and postageSupplies inventoryMiscellaneous selling expensesDividendsDividend incomeInterest expenseAllowance for doubtful accounts (credit balance)Officers' salariesSales74073,200990,400Sales returns and allowances22,4001,76032,000179,40041,100345,00011,000525,000145,00078,000881,000Sales discountsGain on sale of equipmentInventory, January 1, 2020Inventory, December 31, 2020PurchasesFreight inAccounts receivableExtraordinary loss before income taxOrdinary share capitalRetained earnings, January 1, 2020 Additional information:a. Sales commission for the last day of the year had not been accrued. Total sales for that day wereP27,700. Sales commission averages 3% of sales.b. No accrual had been made for a freight bill of P1,500 received on January 5, 2021 for goods received onDecember 29, 2020.c. An advertising campaign was initiated on November 2, 2020. The cost of P4,200 incurred in Novemberand December was debited to prepaid advertising.d. Depreciation on new office equipment purchased on March 1, 2020 had not been recognized.Equipment are depreciated on a straight-line basis using estimated useful life of 5 years. Salvage valueis ignored. The equipment was purchased for P15,600.e. Freight charges of P15,000 paid on sold merchandise and not passed on to the buyers were nettedagainst sales.f. The extraordinary loss represents amount of lost supplies and unsalable inventories heavily damagedby flood in August 2020.g. Cost of inventory in the possession of consignees as of December 31, 2020 amounting to P67,000 wasnot included in the ending inventory balance.h. Based on the aging of accounts receivable, the allowance for doubtful accounts should be set at 3% ofending accounts receivable balance.Required:Prepare a statement of comprehensive income in good form, with proper heading and supporting notes. Usethe functional presentation and assume 30% income tax rate.

Statement of comprehensive income is a statement consisting of income from both ordinary and…

Shówn below are selected 202 account balances (before adjustments) taken from the books of SING Corporation: Sales salaries and commissions Advertising expense Legal services Insurance and licenses 70,000 32,180 4,450 17,000 7,120 12,200 9,600 1,400 12,800 2,950 Salesmen's traveling expense Depreciation expense - delivery equipment Depreciation expense - office equipment Interest income Utilities Telephone and postage Supplies inventory Miscellaneous selling expenses 4,360 4,400 66,000 14,300 9,040 Dividends Dividend income Interest expense Allowance for doubtful accounts (credit balance) Officers' salaries 740 73,200 990,400 22,400 1,760 32,000 179,400 41,100 Sales Sales returns and allowances Sales discounts Gain on sale of equipment Inventory, January 1, 2020 Inventory, December 31, 2020 Purchases Freight in Accounts receivable Extraordinary loss before income tax Ordinary share capital Retained earnings, January 1. 2020 345,000 11,000 525,000 145,000 78,000 881.000

Shówn below are selected 202 account balances (before adjustments) taken from the books of SING Corporation: Sales salaries and commissions Advertising expense Legal services Insurance and licenses 70,000 32,180 4,450 17,000 7,120 12,200 9,600 1,400 12,800 2,950 Salesmen's traveling expense Depreciation expense - delivery equipment Depreciation expense - office equipment Interest income Utilities Telephone and postage Supplies inventory Miscellaneous selling expenses 4,360 4,400 66,000 14,300 9,040 Dividends Dividend income Interest expense Allowance for doubtful accounts (credit balance) Officers' salaries 740 73,200 990,400 22,400 1,760 32,000 179,400 41,100 Sales Sales returns and allowances Sales discounts Gain on sale of equipment Inventory, January 1, 2020 Inventory, December 31, 2020 Purchases Freight in Accounts receivable Extraordinary loss before income tax Ordinary share capital Retained earnings, January 1. 2020 345,000 11,000 525,000 145,000 78,000 881.000

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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The financial statements of New World, Incorporated, provide the following information for the current year: December 31 January 1 Accounts receivable $ 288,000 $ 391,500 Inventory $ 281,250 $ 267,000 Prepaid expenses $ 73,200 $ 70,500 Accounts payable (for merchandise) $ 259,800 $ 251,550 Accrued expenses payable $ 66,150 $ 79,950 Net sales $ 3,172,500 Cost of goods sold $ 1,672,500 Operating expenses (including depreciation of $64,000) $ 382,500 What is New World's net cash flow from operating activities for the current year?
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