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Question 15 pts Peter Senen uses the direct method to prepare its statement of cash flows: Peter Senen had the following cash flows during 2020: Cash receipts from issuance of ordinary shares P800, Cash receipts frocustomers 400,0 00 Cash receipts from dividends on long term investments 60, Cash rec...

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Question 15 pts 1.

Peter Senen uses the direct method to prepare its statement of cash flows: Peter Senen had the following cash flows during 2020: Cash receipts from issuance of ordinary shares

P800,000

Cash receipts frocustomers

400,000

Cash receipts from dividends on long term investments

60,000

Cash receipts from repayment of loan made to another company Cash payments for wages & other operating expenses

440,000

240,000

Cashpaymentforinsurance20,000 Cashpaymentfordividends40,000 Cashpaymentfortaxes80,000 Cashpaymenttopurchaseland160,000

What is the net cash provided (used) from operating activities? b. P60,000 d. P120,000 . P80,000 a. (P40,000)

Question 25 pts JYD Company uses the direct method to prepare its statement of cash flows. JYD had the following cash flows during 2020:

CashreceiptsfromsaleofnoldvanP160,000 Cashreceiptsfromissuanceofordinaryshares2,000,000 Cashreceiptsfromissuanceof10%,10yearbonds1,500,000 Cashreceiptsfromcustomers1,000,000 Cashreceiptsfromrepaymentofloanmadetoothercompany1,200,000 Cashreceiptsfordividends150,000

Cashreceiptsasinterest150,000 Cashpaymentforoperatingexpenses650,000 Cashpaymentsfortaxes300,000 Cashpaymentsforequitysecuritiesbought900,000 Cashpaymentsforequipmentpurchased300,000 Cashpaymentforlandpurchased1,200,000

What is the net cash provided (used) from investing activities? d. (P2,240,000) b. P1,640,000 c. P1,940,000 a. (P1,040,000)

Question 35 pts . Ethel Company uses the direct method to prepare its statement of cash flows. Ethel had the following cash flows during 2020:

CashreceiptsfromissuanceofbondsP800,000 Cashreceiptsfromissuanceofordinaryshares1,400,000 Cashreceiptsfromcustomers700,000 Cashreceiptsfromdividendsonlongterminvestments105,000 Cashreceiptsfromrepaymentofloanmadetoanothercompany660,000 Cashpaymentsforwages&otheroperatingexpenses420,000 Cashpaymentsforreacquisitionoftreasuryshares250,000 Cashpaymentsfordividends70,000 Cashpaymentsfortaxes140,000 Cashpaymentsforpurchaseofland280,000

What is the net cash provided (used) from financing activities?

b. P1,670,000 d. P1,950,000 a. P1,530,000 c. P1,880,000

Question 45 pts Combate Company provided the following relevant information involving its operating activities for the year ended December 31, 2020 12/31/2019 Accrued interest payable recognized Depreciation expense recognized Prepaid expenses recognized

P40,000 72,800

12/31/2020

P50,000 75,600

3,100

4,940

For the year ended December 31, 2020, Combate Company reported a net income after tax of P648,000.

What is the net cash flow from operating activities that would be shown in its cash flow statement? a. P637,040 c. P731,760 d. P735,440 b. P637,080

Question 55 pts The net income for the year ended December 31, 2020 for Bonghil Corporation was P3,520,000. Additional data follow:

Purchase of plant assets

P2,800,000

Depreciation of plant assets

1,480,000

Dividends declared on plant assets

970,000

Net decrease in non-cash current assets

290,000

Loss on sale of equipment

130,000

What should be the cash provided (used) from operating activities in Bonghil’s statement of cash flows for the year ended December 31, 2020? c. P5,420,000 b. P5,290,000 d. P7,250,000 a. P5,130,000

Question 65 pts JYD Company reported the following information for the current year:

Sales Cost of goods sold Distribution costs Administrative expenses

P2,800,000 1,000,000 400,000 350,000

Depreciation

250,000

Interest expense

80,000

Income tax expense

280,000

All sales were made for cash and all expenses other than depreciation and bond premium amortization of P20,000 were paid in cash. All current assets and current liabilities remained unchanged.

What is the net cash provided (used) by operating activities for the current year? d. P710,000 b. P690,000 c. P670,000 a. P440,000

Question 75 pts Melanie Company had the following account balances for the current year:

 December31January1 AccountspayableP500,000P700,000 Inventory300,000450,000 Accountsreceivable800,000750,000  Allpurchasesofinventorywereonaccount. Theentityprovidedthefollowingincomestatementinformationforthecurrentyear:  RevenueP9,800,000 Costofgoodssold(4,000,000) Otherexpenses(1,300,000) Depreciationexpense(1,000,000) Lossonsaleofequipment(100,000) NetIncomeP3,400,000

What is the net cash provided (used) by operating activities? b. P4,400,000 c. P4,600,000 d. P4,300,000 a. P4,500,000

Question 85 pts 8.

Peter Senen Company provided the following data for the current year:

Sales Cost of goods sold Expenses paid

P7,500,000 ( 4,000,000) ( 1,100,000)

Depreciation

(

400,000)

Net Income

P2,000,000

Increase in accounts receivable

P500,000

Decrease in inventory

1,000,000

Decrease in accounts payable

600,000

What amount of cash was received from the customers? a. P8,000,000 d. P5,500,000 c. P6,500,000 b. P7,000,000

Question 95 pts . Peter Senen Company provided the following data for the current year:

Sales

P7,500,000

Cost of goods sold

( 4,000,000)

Expenses paid

( 1,100,000)

Depreciation

(

Net Income

P2,000,000

400,000)

Increase in accounts receivable

P500,000

Decrease in inventory

1,000,000

Decrease in accounts payable

600,000

What amount of cash was paid to suppliers? c. P4,000,000

b. P2,400,000 a. P3,000,000 d. P3,600,000

Question 105 pts Peter Senen Company provided the following data for the current year:

Sales Cost of goods sold

P7,500,000 ( 4,000,000)

Expenses paid

( 1,100,000)

Depreciation

(

Net Income

P2,000,000

400,000)

Increase in accounts receivable

P500,000

Decrease in inventory

1,000,000

Decrease in accounts payable

600,000

What is the net cash provided (used) by operating activities? b. P2,400,000 c. P2,300,000 a. P2,000,000 d. P1,700,000

Question 115 pts . JYD Company provided the following information for the year 2020:



Purchased a building for P1,200,000. Paid P400,000 and signed a mortgage with the seller for the remaining P800,000.

  

Executed a debt-equity swap and replaced a P600,000 loan by giving the lender ordinary shares worth P600,000 on the date the swap was executed. Purchased land for P1,000,000. Paid P350,000 and issued ordinary shares worth P650,000. Borrowed P550,000 under a long term loan agreement

Used the cash from the loan proceeds for purchase of additional inventory P150,000, payment of cash dividend P300,000 and increase in the cash balance P100,000

What amount should be reported as net cash used in investing activities in the statement of cash flows? b. (P2,200,000) c. (P400,000) a. (P1,200,000) d. (P750,000)

Question 125 pts . JYD Company reported net income of P3,000,000 for the current year. Changes occurred in certain accounts as follows: Equipment Accumulated depreciation Note payable

 

P250,000 increase 400,000 increase 300,000 increase

During the year, the entity sold equipment costing P250,000 with accumulated depreciation of P120,000 for a gain of P50,000. In December of the current year, the entity purchased equipment costing P500,000 with P200,000 cash and a 12% note payable of P300,000.

In the statement of cash flows, what amount should be reported as net cash used in investing activities? b. (P120,000) a. (P20,000)

d. (P350,000) c. (P220,000)

Question 135 pts JYD Company reported net income of P3,000,000 for the current year. Changes occurred in certain accounts as follows: Equipment

P250,000 increase

Accumulated depreciation

400,000 increase

Note payable

 

300,000 increase

During the year, the entity sold equipment costing P250,000 with accumulated depreciation of P120,000 for a gain of P50,000. In December of the current year, the entity purchased equipment costing P500,000 with P200,000 cash and a 12% note payable of P300,000.

In the statement of cash flows, what amount should be reported as net cash used in investing activities?

In the statement of cash flows, what amount should be reported as net cash provided in operating activities? d. P3,570,000 c. P3,520,000 b. P3,470,000 a. P3,400,000

Question 145 pts St. Peter Company provided the following data: 2020 Cash

350,000

2019 150,000

Accounts receivable, ney

840,000

580,000

Merchandise Inventory

660,000

420,000

Prepaid Expenses

50,000

100,000

Long term investment

80,000

-

Property, Plant and Equipment 1,130,000 Accumulated depreciation

600,000

110,000

50,000

Accounts payable

530,000

440,000

Accrued expenses

140,000

130,000

Dividends payable

70,000

Note payable-long term Share Capital Retained earnings

-

500,000

-

1,200,000 560,000

900,000 330,000

Net credit sales

6,400,000

4,000,000

Cost of goods sold

5,000,000

3,200,000

Expenses

1,000,000

Net income

400,000

520,000 280,000

All accounts receivable and accounts payable relate to trade merchandise. Accounts payable are recorded net and always paid to take all of the discounts allowed. The allowance for doubtful accounts at the end of 2020 was the same as at the end of 2019. No receivables were charged against the allowance during 2020. The proceeds from the note payable were used to finance a new store building. Share capital was sold to provide additional working capital. The net cash provided (used) by operating activities is d. P110,000 c. P200,000 (hula hhehe) a. P400,000 b. P100,000

Question 155 pts St. Peter Company provided the following data: 2020 Cash

350,000

2019 150,000

Accounts receivable, ney

840,000

580,000

Merchandise Inventory

660,000

420,000

Prepaid Expenses Long term investment

50,000

100,000

80,000

-

Property, Plant and Equipment 1,130,000 Accumulated depreciation

600,000

110,000

50,000

Accounts payable

530,000

440,000

Accrued expenses

140,000

130,000

Dividends payable

70,000

Note payable-long term Share Capital Retained earnings

-

500,000

-

1,200,000 560,000

900,000 330,000

Net credit sales

6,400,000

4,000,000

Cost of goods sold

5,000,000

3,200,000

Expenses

1,000,000

Net income

400,000

520,000 280,000

All accounts receivable and accounts payable relate to trade merchandise. Accounts payable are recorded net and always paid to take all of the discounts allowed.

The allowance for doubtful accounts at the end of 2020 was the same as at the end of 2019. No receivables were charged against the allowance during 2020.

The proceeds from the note payable were used to finance a new store building. Share capital was sold to provide additional working capital. The net cash provided (used) by financing activities is b. P300,000 a. P140,000 d. P700,000 c. P500,000 (hula hehe)

Question 165 pts St. Peter Company provided the following data:

2020 Cash

2019

350,000

150,000

Accounts receivable, ney

840,000

580,000

Merchandise Inventory

660,000

420,000

Prepaid Expenses Long term investment

50,000

100,000

80,000

-

Property, Plant and Equipment 1,130,000 Accumulated depreciation

600,000

110,000

50,000

Accounts payable

530,000

440,000

Accrued expenses

140,000

130,000

Dividends payable

70,000

Note payable-long term Share Capital Retained earnings

-

500,000

-

1,200,000 560,000

900,000 330,000

Net credit sales

6,400,000

4,000,000

Cost of goods sold

5,000,000

3,200,000

Expenses

1,000,000

Net income

400,000

520,000 280,000

All accounts receivable and accounts payable relate to trade merchandise. Accounts payable are recorded net and always paid to take all of the discounts allowed.

The allowance for doubtful accounts at the end of 2020 was the same as at the end of 2019. No receivables were charged against the allowance during 2020.

The proceeds from the note payable were used to finance a new store building. Share capital was sold to provide additional working capital. . The net cash provided (used) by investing activities is b. P530,000 a. P80,000 d. P660,000

c. P610,000...