Upon the study of the SFP For the year ended December 31, 2020.Q1. What is the total amount of sales during 2020?Q2. What is the total amount of purchases during 2020?Q3. What is the total depreciation for 2020?Q4. What is the total interest expense for 2020?Q5. What is the total net income during 2020? January 1December 31AssetsCash330,000.00750,000.00Accounts receivable740,000.00950,000.00Notes receivable200,000.00210,000.00Inventory1,600,000.001,500,000.00Prepaid ExpensesInvestment (at cost)120,000.00100,000.00400,000.00100,000.00Equipment1,000,000.001,200,000.004,810,000.004,390,000.00Liabilities and EquityNotes payable750,000.00580,000.00Accounts payableInterest payableAccrued expensesBonds payableShare capital P100 parShare premium600,000.00750,000.0030,000.0040,000.0050,000.00500,000.001,300,000.001,500,000.001,000,000.001,000,000.00Retained Earnings500,000.00600,000.004,390,000.004,810,000.00TRUETRUE The following data resulted from the analysis of cash receipts and disbursements.ReceiptsIssue of share capital800,000.00Trade receivables- accounts and notes2,950,000.00Note receivable discounted:Face value, P200,000 proceeds190,000.0012% one-year note issued to bankIssued and discounted on 03/01/2020300,000.00Sale of investment250,000.00Total4,490,000.00DisbursementsTrade payables- accounts and notes2,100,000.00Expenses790,000.00Dividends400,000.00Equipment280,000.00Bonds500,000.004,070,000.00Total

Hi student Since there are multiple subparts, we will answer only first three subparts.

Upon the study of the SFP For the year ended December 31, 2020. Q1. What is the total amount of sales during 2020? Q2. What is the total amount of purchases during 2020? Q3. What is the total depreciation for 2020?

Upon the study of the SFP For the year ended December 31, 2020. Q1. What is the total amount of sales during 2020? Q2. What is the total amount of purchases during 2020? Q3. What is the total depreciation for 2020?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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