Question: Instruction: Answer the problem and submit your computation in good form. Financial statements of Carlo Corporation for 2020 and 2019 are provided as follows: Statement
Instruction: Answer the problem and submit your computation in good form.
Financial statements of Carlo Corporation for 2020 and 2019 are provided as follows:
Statement of Financial Position
2020 2019
Cash P 153,000 P 72,000
Accounts receivable 135,000 81,000
Merchandise inventory 144,000 180,000
Property, plant and
equipment 108,000 246,000
P 540,000 P 579,000
Accounts payable P 66,000 P 36,000
Income tax PAYABLE 132,000 147,000
Bonds payable 135,000 225,000
Share capital 81,000 81,000
Retained Earnings 126,000 90,000
P 540,000 P 579,000
Statement of Comprehensive Income
2020
Sales
P 3,150,000
Cost of sales
(2,664,000)
Gross profit
486,000
Selling expenses
P 225,000
Administrative expenses
90,000
(297,000)
Income from operations
171,000
Interest expense
27,000
Profit before taxes
144,000
Income taxes
36,000
Net income
P 108,000
The following additional data were provided:
- Dividends for the year 2020 were P72,000
- Depreciation expense of P30,000 is in the selling expense category.
- During the year, equipment was sold for P90,000. This equipment cost P132,000 originally and had a book value of P108,000 at the time of sale.
Required:
- Net cash provided by operating activities
- Net cash provided by investing activities
- Cash received from customers
- Cash paid for income taxes
- Net cash provided by financing activities
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