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this in DIRECT METHOD with schedule of T-ACCOUNTS. Thank you so much. I need to pass this tonight

this in DIRECT METHOD with schedule of T-ACCOUNTS. Thank you so much. I need to pass this tonight

FINANCIAL ACCOUNTING
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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Please help me answering this in DIRECT METHOD with schedule of T-ACCOUNTS. Thank you so much. I need to pass this tonight 

Cost of goods sold (including depreciation Gain on sale of trading securities Income Satement For the Year Ended June 30, 2020 Net sales P2,430,500 of P191,500, Operating expenses (including depreciation of P100,000) P1,073,000 500,000 7,500 (26,000) (15,000) (44,000) 356,000 P1,851,500 P 579,000 Interest expense Gain on sale of equipment Unrealized holding gain on trading securities Income tax Total Net income Texas Company Balance Sheets June 30 Assets 2020 2019 P442,000 325,000 Cash P532,000 275,000 141,500 168,500 450,000 43,000 1,095,000 352,000 P3,057,000 Trading Securities(market) Accounts receivable 80,500 Inventories 86,000 Investment in Associates (cost) 43,000 321,500 Land Buildings (net) Equipment (net) Total assets 242,500 P1,540,500 Liabilities & Equity P107,500 50,000 41,500 156,500 Accounts payable Short-term bank loans payable Accrued operating expenses Income tax payable Bonds payable (net) Common stock, P10 par value Additional paid in capital Retained earnings Total liabilities & equity P 93,500 50,000 20,500 143,000 980,000 550,000 400,000 820,000 P3,057,000 500,000 250,000 435,000 P1,540,500 REQUIRED: . Prepare a forecast cash flow statement for the year ended June 30,2020. ** Show supporting schedules or T-accounts for many missing amounts.
Transcribed Image Text:Cost of goods sold (including depreciation Gain on sale of trading securities Income Satement For the Year Ended June 30, 2020 Net sales P2,430,500 of P191,500, Operating expenses (including depreciation of P100,000) P1,073,000 500,000 7,500 (26,000) (15,000) (44,000) 356,000 P1,851,500 P 579,000 Interest expense Gain on sale of equipment Unrealized holding gain on trading securities Income tax Total Net income Texas Company Balance Sheets June 30 Assets 2020 2019 P442,000 325,000 Cash P532,000 275,000 141,500 168,500 450,000 43,000 1,095,000 352,000 P3,057,000 Trading Securities(market) Accounts receivable 80,500 Inventories 86,000 Investment in Associates (cost) 43,000 321,500 Land Buildings (net) Equipment (net) Total assets 242,500 P1,540,500 Liabilities & Equity P107,500 50,000 41,500 156,500 Accounts payable Short-term bank loans payable Accrued operating expenses Income tax payable Bonds payable (net) Common stock, P10 par value Additional paid in capital Retained earnings Total liabilities & equity P 93,500 50,000 20,500 143,000 980,000 550,000 400,000 820,000 P3,057,000 500,000 250,000 435,000 P1,540,500 REQUIRED: . Prepare a forecast cash flow statement for the year ended June 30,2020. ** Show supporting schedules or T-accounts for many missing amounts.
Significant changes to be made during the year are listed below: substantial investments in new product lines and in a modernization program. During the next fiscal year ending June 30, 2020, Texas Company will make Exercise 5-9 During the next fiscal year ending June 30, 2020, Texas Company will make ontiai investments in new product lines and in a modernization program. 1 Equipment with a net book value of P86,000 will be sold during the year. 1 All of the capital stock of Ohio Company will be exchanged with 5,000 shares of Texas Company at a time when the market value is P40 per share. P250,000 cash will also be given as part payment. 2 Bonds having a face value of P1,000,000 will be issued on June 30, 2020 at 98%. 4. Trading securities carried at market value of P200,000 will be sold for P215,000. 5. New equipment will be purchased during the year. 6. A new building will be purchased at a cost of P1,000,000, although there are no building retirements. 7. Cash dividends wil! be paid to stockholders. The financial statements forccast for the year ended June 30, 2020 are given next page:
Transcribed Image Text:Significant changes to be made during the year are listed below: substantial investments in new product lines and in a modernization program. During the next fiscal year ending June 30, 2020, Texas Company will make Exercise 5-9 During the next fiscal year ending June 30, 2020, Texas Company will make ontiai investments in new product lines and in a modernization program. 1 Equipment with a net book value of P86,000 will be sold during the year. 1 All of the capital stock of Ohio Company will be exchanged with 5,000 shares of Texas Company at a time when the market value is P40 per share. P250,000 cash will also be given as part payment. 2 Bonds having a face value of P1,000,000 will be issued on June 30, 2020 at 98%. 4. Trading securities carried at market value of P200,000 will be sold for P215,000. 5. New equipment will be purchased during the year. 6. A new building will be purchased at a cost of P1,000,000, although there are no building retirements. 7. Cash dividends wil! be paid to stockholders. The financial statements forccast for the year ended June 30, 2020 are given next page:
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