Zhu Wen has reported net income of P190,000 for 2017. It also reported depreciation expense of P50,000 and a loss of P6,000 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of 11,600 for the year, a 13,600 Increase in accounts payable. Use indirect method. Prepare the operating activities section.

Zhu Wen has reported net income of P190,000 for 2017. It also reported depreciation expense of P50,000 and a loss of P6,000 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of 11,600 for the year, a 13,600 Increase in accounts payable. Use indirect method. Prepare the operating activities section.

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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Silverago Incorporated, an international metals company, reported a loss on the sale of equipment of $2 million in 2010. In addition, the company’s income statement shows depreciation expense of $8 million and the cash fl ow statement shows capital expenditure of $10 million, all of which was for the purchase of new equipment. Using the following information from the comparative balance sheets, how much cash did the company receive from the equipment sale? Balance Sheet Item 12/31/2009 12/31/2010 Change Equipment $100 million $105 million $5 million Accumulated depreciation—equipment $40 million $46 million $6 million C . $3 million.
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