Homework Help is Here – Start Your Trial Now!
Business
Accounting
Statement of Cash Flows, Operating Activities. The profit or loss section of the statement of comprehensive income of MANILA Company for the year ended December 31, 2021 is reproduced below: Manila Company Income Statement For the year ended December 31, 2021 Sales 6,100,000 Cost of sales 3,700,000) 2,400,000 Gross profit Gain on sale of equipment Total revenues Operating expenses Salaries 100,000 2,500,000 820,000 Insurance 380,000 220,000 1,420,000) 1,080,000 Depreciation Income before interest and income tax Interest expense Income before income tax expense 120,000) 960,000 288,000) 672,000 Income tax expense Net income after tax The following information is also available: Decrease in accounts receivable 120,000 Increase in inventory 280,000 Decrease in accounts payable Increase in salaries payable Increase in prepaid insurance Decrease in interest payable Increase in income tax payable 160,000 100,000 180,000 30,000 18,000

Statement of Cash Flows, Operating Activities. The profit or loss section of the statement of comprehensive income of MANILA Company for the year ended December 31, 2021 is reproduced below: Manila Company Income Statement For the year ended December 31, 2021 Sales 6,100,000 Cost of sales 3,700,000) 2,400,000 Gross profit Gain on sale of equipment Total revenues Operating expenses Salaries 100,000 2,500,000 820,000 Insurance 380,000 220,000 1,420,000) 1,080,000 Depreciation Income before interest and income tax Interest expense Income before income tax expense 120,000) 960,000 288,000) 672,000 Income tax expense Net income after tax The following information is also available: Decrease in accounts receivable 120,000 Increase in inventory 280,000 Decrease in accounts payable Increase in salaries payable Increase in prepaid insurance Decrease in interest payable Increase in income tax payable 160,000 100,000 180,000 30,000 18,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

OPERATING ACTIVITIES

WHAT WAS THE CASH PAID TO SUPPLIERS DURING THE YEAR?

Statement of Cash Flows, Operating Activities. The profit or loss section of the statement of comprehensive income of MANILA Company for the year ended December 31, 2021 is reproduced below: Manila Company Income Statement For the year ended December 31, 2021 Sales 6,100,000 Cost of sales 3,700,000) Gross profit Gain on sale of equipment 2,400,000 100,000 Total revenues 2,500,000 Operating expenses Salaries 820,000 Insurance 380,000 Depreciation 220,000 1,420,000) Income before interest and income tax 1,080,000 120,000) 960,000 Interest expense Income before income tax expense 288,000) 672,000 Income tax expense Net income after tax P The following information is also available: Decrease in accounts receivable 120,000 Increase in inventory Decrease in accounts payable Increase in salaries payable Increase in prepaid insurance Decrease in interest payable Increase in income tax payable 280,000 160,000 100,000 180,000 30,000 18,000
Transcribed Image Text:Statement of Cash Flows, Operating Activities. The profit or loss section of the statement of comprehensive income of MANILA Company for the year ended December 31, 2021 is reproduced below: Manila Company Income Statement For the year ended December 31, 2021 Sales 6,100,000 Cost of sales 3,700,000) Gross profit Gain on sale of equipment 2,400,000 100,000 Total revenues 2,500,000 Operating expenses Salaries 820,000 Insurance 380,000 Depreciation 220,000 1,420,000) Income before interest and income tax 1,080,000 120,000) 960,000 Interest expense Income before income tax expense 288,000) 672,000 Income tax expense Net income after tax P The following information is also available: Decrease in accounts receivable 120,000 Increase in inventory Decrease in accounts payable Increase in salaries payable Increase in prepaid insurance Decrease in interest payable Increase in income tax payable 280,000 160,000 100,000 180,000 30,000 18,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS