The movements in the cash account of NONCHALANT COOL Co. during 20x2 are shown below. beg...

Transcribed Image Text:

The movements in the cash account of NONCHALANT COOL Co. during 20x2 are shown below. beg Sales Interest income Rent income Dividend income Held for trading securities Sale of old building Collection of non-trade note Proceeds from loan with a bank Issuance of shares 200 . 6,000 Cost of sales Increase in inventory Operating expenses on accrual basis Increase in accrued 20 270 40 800 520 60 1,600 970 Cash 3,800 1,200 30 70 100 1,100 130 2:40 200 90 3,520 Purchases Operating expenses Interest expense Income taxes COOL Co. for Requirement Prepare the statement of cash flows of NONCHALANT the year ended December 31, 20x2. (Use Option 1 in classifying cash flows from operating activities.) Investment in FVOCI Purchase of equipment 2. IMPECCABLE FLAWLESS Co. had the following information during 20x2: Accounts receivable, January 1, 20x2 Accounts receivable December 31, 20x2 Sales on account and cash sales Bad debts expense Accounts payable January 1, 20x2 Accounts payable December 31, 20x2 payables for operating expenses Decrease in prepaid operating expenses Property, plant, and equipment, January 1, 20x2 Property, plant, and equipment, December 31, 20x2 Loan granted to employee Payment of loan borrowed Reacquisition of shares Dividends end. 16,000 400 8,000 780 1,200 800 700 400 1,800 2,440 820 3,600 5, Additional information: a. There were no write-offs of accounts receivable during the year. b. Equipment with an accumulated depreciation of P400 was sold during the year for P240 resulting to a gain on sale of P30. Requirements : Compute for the following: (a) cash receipts from customers, (b) cash payments to suppliers (c) cash payments for operating expenses and (d) cash payments for acquisition of property, plant, and equipment. The movements in the cash account of NONCHALANT COOL Co. during 20x2 are shown below. beg Sales Interest income Rent income Dividend income Held for trading securities Sale of old building Collection of non-trade note Proceeds from loan with a bank Issuance of shares 200 . 6,000 Cost of sales Increase in inventory Operating expenses on accrual basis Increase in accrued 20 270 40 800 520 60 1,600 970 Cash 3,800 1,200 30 70 100 1,100 130 2:40 200 90 3,520 Purchases Operating expenses Interest expense Income taxes COOL Co. for Requirement Prepare the statement of cash flows of NONCHALANT the year ended December 31, 20x2. (Use Option 1 in classifying cash flows from operating activities.) Investment in FVOCI Purchase of equipment 2. IMPECCABLE FLAWLESS Co. had the following information during 20x2: Accounts receivable, January 1, 20x2 Accounts receivable December 31, 20x2 Sales on account and cash sales Bad debts expense Accounts payable January 1, 20x2 Accounts payable December 31, 20x2 payables for operating expenses Decrease in prepaid operating expenses Property, plant, and equipment, January 1, 20x2 Property, plant, and equipment, December 31, 20x2 Loan granted to employee Payment of loan borrowed Reacquisition of shares Dividends end. 16,000 400 8,000 780 1,200 800 700 400 1,800 2,440 820 3,600 5, Additional information: a. There were no write-offs of accounts receivable during the year. b. Equipment with an accumulated depreciation of P400 was sold during the year for P240 resulting to a gain on sale of P30. Requirements : Compute for the following: (a) cash receipts from customers, (b) cash payments to suppliers (c) cash payments for operating expenses and (d) cash payments for acquisition of property, plant, and equipment.

Answer rating: 100% (QA)

1 Statement of Cash Flows for NONCHALANT COOL Co for the year ended December 31 20x2 Operating Activ... View the full answer