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PROBLEM 7: INDIRECT METHOD Instruction: Indicate whether the transaction is ADDED to or DEDUCTED from the accrual basis profit when preparing the operating activities section of a statement of cash flows under the indirect method. If the transaction does not appear in the operating activities section, state the section where the transaction, should appear.1. Gain on sale of PPE 2. Decrease in prepaid assets 3. Increase in income tax payable 4. Decrease in Inventory 5. Decrease in Unearned Income 6. Loss on sale of PPE 7. Increase in Trade and other receivables 8. Increase in Trade and other payables 9. Increase in equity due to additional contributions by the owner. 10. Increase in liabilities due to borrowings from a bank. PROBLEM S: INFLOWS AND OUTFLOWS Instruction: Using the choices provided, indicate the presentation of each of the transactions below in a statement of cash flows prepared under the indirect method. CHOICES: (Choices may be used more than once.) A. Operating activity - Addition to accrual basis profit B. Operating activity - Deduction from accrual basis profit C. Investing activity - Inflow D. Investing activity - Outflow E. Financing activity - Inflow F. Financing activity - Outflow G. Not reported on the statement of cash flows TRANSACTIONS: 1. Purchase of land for cash. 2. Issuance of a twenty-year note payable for cash. 3. Increase in the inventory balance. 4. Additional cash contribution by the owner to the business. 5. Increase in the balance of unearned revenue account. 6. Acquisition of equipment on account. 7. Proceeds from the sale of land. 8. Gain on the sale of land.9. Recognition of depreciation expense for the year. 10. Issuance of long-term note payable in exchange for a building. . PROBLEM 9: STATEMENT OF CASH FLOWS - DIRECT Entity A has a cash balance P30,000 on January 1, 20x1. The following were the cash transactions during the year: a. Payment for the acquisition of equipment, P300,000. b. Collections from clients for services rendered, P870,000. c. Cash repayment of loan obtained from a bank, P70,000. d. Cash disbursements for drawings by owner, P90,000. e. Payments to suppliers for the purchase of inventory, P80,000. f. Payments for salaries expense, P210,000. g. Payments for insurance expense, P105,000. h. Payments for utilities expense, P30,000. i. Cash receipt from additional investment by owner, P30,000. Requirement: Prepare the statement of cash flows. Use the direct method of presenting cash flows from operating activities