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,

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

See similar textbooks

Similar questions

Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
10 Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed the followingassets and liabilities:$Machinery 7200Trade receivables 800Inventory 1300Other payables 830Creditors 510Cash 180Bank (debit balance) 250a Calculate Ji Lui’s owner’s equity on 31 December 2018. [2 marks]........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................On 1 January 2019, the following transactions took place:i) Ji Lui paid salaries for December 2018 in cash $319.ii) Ji Lui took cash $89 for her own personal…
Item Prior year Current year Accounts payable 8,198.00 7,775.00 Accounts receivable 6,030.00 6,768.00 Accruals 1,007.00 1,602.00 Cash ??? ??? Common Stock 10,168.00 12,293.00 COGS 12,621.00 18,231.00 Current portion long-term 4,953.00 5,046.00 debt Depreciation expense 2,500 2,756.00 Interest expense 733 417 Inventories 4,136.00 4,819.00 Long-term debt 14,434.00 13,704.00 Net fixed assets 50,920.00 54,636.00 Notes payable 4,385.00 9,940.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,358.00 30,071.00 Sales 35,119 47,773.00 Тахes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.
37-a At the end of the operating period, a rediscount of 7.500 TL has been calculated for the debt securities. Accordingly, which of the following accounts is correct to use in the posting to be made at the end of the period ? a) 321 Debt Securities Hs. Credited 7.500 TL B) 647 Rediscount Interest Income Hs. Creditor 7.500 TL NS) 657 Rediscount Interest Expenses Hs. Borrower 7.500 TL D) 647 Rediscount Interest Income Hs. Borrower 7.500 TL TO) 321 Debt Securities Hs. Borrower 7.500 TL
Item Prior year Current year Accounts payable 8,112.00 7,889.00 Accounts receivable 6,029.00 6,526.00 Accruals 981.00 1,445.00 Cash ??? ??? Common Stock 10,050.00 11,831.00 COGS 12,659.00 18,136.00 Current portion long-term 5,054.00 5,053.00 debt Depreciation expense 2,500 2,814.00 Interest expense 733 417 Inventories 4,101.00 4,816.00 Long-term debt 14,355.00 13,032.00 Net fixed assets 51,776.00 54,131.00 Notes payable 4,395.00 9,850.00 Operating expenses (excl. 13,977 depr.) 18,172 Retained earnings 28,273.00 29,816.00 Sales 47,524 Taxes 2,084 2,775 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places.
Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
SAMPAGUITA INSURANCE COMPANY FINANCIAL STATEMENT 2021 ASSETS Cash and cash equivalents P2,574,335 Interest receivable 132,241 Investments 12,340,312 Investment in subsidiary 529,248 Premiums due from policyholders 10,831 Policy loans receivables - net 369,607 Coverage debt receivables - net 960,404 Reinsurance assets 53,439 Property and equipment - net 415,241 Right-of-use assets - net 533,003 Deferred acquisition costs 12,455,967 Other assets - net 1,647,258 Total General Assets 32,021,886 Assets Held to Cover Linked Liabilities 106,573,549 PI 38,595,435 ROSE INSURANCE COMPANY FINANCIAL STATEMENT ASSETS Cash and cash equivalents (Note 4) P 2,177,119,101 Insurance receivables (Note 26) Financial assets (Note 5) 133,720,939 Financial assets at fair value through profit or loss (FVPL) 60,091,263,262 Available-for-sale financial assets 42,348,896,307 Loans and receivables 10,508,989,111 Accrued income (Note 7) 379,787,097 Reinsurance assets (Note 13)…
Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
Item Prior year Current year Accounts payable 8,126.00 7,784.00 Accounts receivable 6,078.00 6,607.00 Accruals 994.00 1,452.00 Cash ??? ??? Common Stock 10,696.00 12,040.00 COGS 12,650.00 18,346.00 Current portion long-term debt 5,031.00 5,088.00 Depreciation expense 2,500 2,797.00 Interest expense 733 417 Inventories 4,240.00 4,781.00 Long-term debt 14,366.00 13,914.00 Net fixed assets 51,539.00 54,520.00 Notes payable 4,323.00 9,909.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,408.00 29,699.00 Sales 35,119 45,984.00 Taxes 2,084 2,775 What is the firm's cash flow from financing?
6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TL