183Exercise 5-7The beginning and ending balances in each of the halance sheet accountsof the Mexico Company are as follows:Dec. 31, 2020PI00,000Dee. 31, 2019CashP260,000Accounts reccivableInventoryPrepaid insuranceTotal current assets180,000360,000400,00050.000P890,000P1,200,000460,00030,000P950,000P1,500,000LandPlant & equipmentAccumulated depreciation1,000,0001.400.000(400,000)P1.800,000(500,000)P2,400,000Total non-current assetsTotal assetsP2,690,000P3,350,000Accounts payableAccrued operating expensesInterest payableIncome taxes payabieP 300,000200,000P 260.000132,00020,000122,000P 642,00030,000150,000P 572,000700,000Total current liabilitiesBonds payableCommon stockRetained earnings600,000800,000648,0001,100,000978,000Total liabilities & equityP2,690,000P3,350,000The forecast income statement for the Mexico Company for 2020 isresented below:SalesP2,500,000Cost of salesGross profitOperating expensesIncome before interest & taxInterest expense1,400,000P1,100,000300,000P 800.00050,000P 750,000300,000P 450,000Income before taxIncome taxNet incomeQUIRED:Prepare a foreccast cash flow statement for 2020,era p

CFS is the financial statement which can be prepared using 2 methods; Direct and Indirect.

The beginning and ending balances in each of the halance sheet accounts of the Mexico Company are as follows: Dee. 31, 2019 Dec. 31, 2020 Cash P260,000 P100,000 Accounts receivable 180,000 360,000 Inventory 400,000 460,000 Prepaid insurance 50.000 P890,000 P1,200,000 30,000 P950,000 P1,500,000 Total current assets Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 1.400.000 (400,000) P1.800,000 (500,000) P2,400,000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable P 300,000 P 260.000 200,000 132,000 20,000 122,000 P 642,000 30,000 Total current liabilities Bonds payable Common stock Retained earnings 150,000 P 572,000 700,000 600,000 800,000 1,100,000 648,000 978,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is resented below: Sales P2,500,000 Cost of sales Gross profit Operating expenses Income before interest & tax 1,400,000 P1,100.000 300,000 P 800,000 50,000 P 750,000 300,000 P 450,000 Interest expense Income before tax Income tax Net income QUIRED: Prepare a foreccast cash flow statement for 2020,

The beginning and ending balances in each of the halance sheet accounts of the Mexico Company are as follows: Dee. 31, 2019 Dec. 31, 2020 Cash P260,000 P100,000 Accounts receivable 180,000 360,000 Inventory 400,000 460,000 Prepaid insurance 50.000 P890,000 P1,200,000 30,000 P950,000 P1,500,000 Total current assets Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 1.400.000 (400,000) P1.800,000 (500,000) P2,400,000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable P 300,000 P 260.000 200,000 132,000 20,000 122,000 P 642,000 30,000 Total current liabilities Bonds payable Common stock Retained earnings 150,000 P 572,000 700,000 600,000 800,000 1,100,000 648,000 978,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is resented below: Sales P2,500,000 Cost of sales Gross profit Operating expenses Income before interest & tax 1,400,000 P1,100.000 300,000 P 800,000 50,000 P 750,000 300,000 P 450,000 Interest expense Income before tax Income tax Net income QUIRED: Prepare a foreccast cash flow statement for 2020,

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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