Question: Prepare cash flow statement (indirect method) for the year ended for Mabilis Delivery Services using the following: Net income - P 500,000 Depreciation expense -

Prepare cash flow statement (indirect method) for the year ended for Mabilis

Delivery Services using the following:

Net income - P 500,000

Depreciation expense - P70,000

Gain on sale of property and equipment - P10,000

Increase in trade and other receivables - net - P250,000

Increase in trade and other payables - P150,000

Amount of proceeds from sale of property and equipment - P50,000

Paid loan from a bank - P100,000

Cash, January 1, 2019 - P70,000

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