Managerial Accounting 2

An income statement for Bulkan Company for January 2017 is given below in Summary form:

Changes in current assets and liabilities were as follows:

Increases
Accounts Payable P7,600
Inventories 10,800
Supplies 1,600

Decreases
Accounts Receivable 9,200
Prepaid advertising 1,800
Prepaid taxes and and insurance 1,000
Accrued Wages & payroll Taxes 2,600

In T- Accounts convert items into cash basis

Prepare Indirect and direct method of operating activities