The following transactions pertain to the operations of Party Consultants, an events planning entity owned by...

Transcribed Image Text:

The following transactions pertain to the operations of Party Consultants, an events planning entity owned by Elnora Adalem. The entity had the following transactions during the month: 1. Received a P180,000 cash investment from the owner. FA 2. Provided P400,000 services on account. n/a 3. Incurred P220,000 of operating expenses on account. A 4. Collected P320,000 cash from accounts receivable. n/a 5. Allowed a P30,000 cash withdrawal to the owner of the business.FA 6. Paid P160,000 cash on accounts payable.nl 7. Performed services for P30,000 cash. OA 8. Paid P12,000 cash for expenses. A Required: 1. Classify each of these transactions as a cash flow from operating activities (OA), investing activities (IA), or financing activities (FA). Transactions that do not affect the statement of cash flows should be identified as "n/a". 2. Prepare a statement of cash flows. The following financial information is known about these unrelated entities: Benedicta Cumagun Dec 31, 2020 Assets Liabilities Dec 31, 2021 Assets Liabilities During 2021: Add'l Investments Profit Withdrawals Neo Aglugub P450,000 235,000 480,000 50,000 75,000 25,000 P350,000 225,000 410,000 275,000 15,000 brck? 30,000 Beatriz Onate 2. Refer to Benedicta Cumagun: a. What's the owner's equity as at Dec. 31, 2020? b. What's the owner's equity as at Dec. 31, 2021? c. What's the profit for 2021? P290,000 140,000 190,000 77,500 90,000 38,750 Placido Tuddao - P800,000 380,000 1,250,000 640,000 Required: 1. Refer to Neo Aglugub: a. What's the owner's equity as at Dec. 31, 2020? 4150c00-235,000-3000 b. What's the owner's equity as at Dec. 31, 2021? c. What's the amount of liabilities as at Dec. 31, 2021? 120,000 0 What's the amount of assets owned by Beatriz Onate as at Dec. 31, 2021? What's the amount of additional investments in Placido Tuddao made during 2021? The following transactions pertain to the operations of Party Consultants, an events planning entity owned by Elnora Adalem. The entity had the following transactions during the month: 1. Received a P180,000 cash investment from the owner. FA 2. Provided P400,000 services on account. n/a 3. Incurred P220,000 of operating expenses on account. A 4. Collected P320,000 cash from accounts receivable. n/a 5. Allowed a P30,000 cash withdrawal to the owner of the business.FA 6. Paid P160,000 cash on accounts payable.nl 7. Performed services for P30,000 cash. OA 8. Paid P12,000 cash for expenses. A Required: 1. Classify each of these transactions as a cash flow from operating activities (OA), investing activities (IA), or financing activities (FA). Transactions that do not affect the statement of cash flows should be identified as "n/a". 2. Prepare a statement of cash flows. The following financial information is known about these unrelated entities: Benedicta Cumagun Dec 31, 2020 Assets Liabilities Dec 31, 2021 Assets Liabilities During 2021: Add'l Investments Profit Withdrawals Neo Aglugub P450,000 235,000 480,000 50,000 75,000 25,000 P350,000 225,000 410,000 275,000 15,000 brck? 30,000 Beatriz Onate 2. Refer to Benedicta Cumagun: a. What's the owner's equity as at Dec. 31, 2020? b. What's the owner's equity as at Dec. 31, 2021? c. What's the profit for 2021? P290,000 140,000 190,000 77,500 90,000 38,750 Placido Tuddao - P800,000 380,000 1,250,000 640,000 Required: 1. Refer to Neo Aglugub: a. What's the owner's equity as at Dec. 31, 2020? 4150c00-235,000-3000 b. What's the owner's equity as at Dec. 31, 2021? c. What's the amount of liabilities as at Dec. 31, 2021? 120,000 0 What's the amount of assets owned by Beatriz Onate as at Dec. 31, 2021? What's the amount of additional investments in Placido Tuddao made during 2021?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below SOLUTION PART 1 1 FA 2 OA 3 OA 4 OA 5 na this is not a business transaction 6 OA 7 OA 8 OA Statement of Cash Flows for Party Consultants fo... View the full answer