Items 23 through 25 are based on the following data:The January 31, 2020 balance sheet of Miko Corporation shows the followinginformation:P8,000Cashfor38,000Accounts receivable (net of allowanceuncollectible accounts of P2,000)16,000Inventory40,000Property, plant and equipment (net of allowance foraccumulated depreciation of P60,000)P102,000Total assetsP82,500Accounts payableOrdinary sharesRetained earnings (deficit)Total liabilities and stockholder's equity50,000(30,500)P102,000Additional information:Sales are budgeted as follows:FebruaryP110,000March120,000Collections are expected to be 60% in the month of sale, 38% the nextmonth, and 2% uncollectible.The gross margin is 25% sales. Purchases each month are 75% of thenext month's projected sales. The purchases are paid in full the followingmonth.o Other expenses for each month, paid in cash, are expected to beP16,500. Depreciation each month is P5,000. 23. What are the budgeted cash collections for February 2020?A. P63,800B. P66,000C. P101,800D. P104,000Answer:Please present your solution below.24. What is the pro-forma income (loss) before income taxes for February 2020?А. Р(3,700)В. Р(1,500)С. Р 3,800D. P6,000Answer:Please present your solution below.25. What is the projected balance in accounts payable on February 2020?A. P82,500В. Р86,250C. P90,000D. P106,500

Name: Items 23 through 25 are based on the following data:The January 31, 2
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Description: Items 23 through 25 are based on the following data:The January 31, 2020 balance sheet of Miko Corporation shows the followinginformation:P8,000Cashfor38,000Accounts receivable (net of allowanceuncollectible accounts of P2,000)16,000Inventory40,000P

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The January 31, 2020 balance sheet of Miko Corporation shows the following information: P8,000 Cash of allowance for 38,000 (net uncollectible accounts of P2,000) Accounts receivable 16,000 40,000 Inventory Property, plant and equipment (net of allowance for accumulated depreciation of P60,000) P102,000 Total assets

The January 31, 2020 balance sheet of Miko Corporation shows the following information: P8,000 Cash of allowance for 38,000 (net uncollectible accounts of P2,000) Accounts receivable 16,000 40,000 Inventory Property, plant and equipment (net of allowance for accumulated depreciation of P60,000) P102,000 Total assets

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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