De La Salle Lipa Income from operations 171,000

Intermediate Accounting 3 Interest expense 27,000

Statement of Cash Flows
Profit before taxes 144,000
Financial statements of Capoy Corporation for 2020 and 2019 are Income taxes 36,000
provided as follows:
Net income P 108,000
Statement of Financial Position

2020 2019 The following additional data were provided:

 Dividends for the year 2020 were P72,000
Cash P 153,000 P 72,000  Depreciation expense of P30,000 is in the selling expense category.
Accounts receivable 135,000 81,000  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
Merchandise inventory 144,000 180,000 time of sale.
Property, plant and equipment 108,000 246,000 Based on the above, prepare the cash flow worksheet and the statement
P 540,000 P 579,000 of cash flows for the periods ended December 31, 2020 and 2019, using
the excel file provided. The solve for the following:

1. The net cash provided by operating activities is

Accounts payable P 66,000 P 36,000 a. P 75,000 b. P 90,000 c. P109,000 d. P153,000
Income tax payable 132,000 147,000
2. The net cash provided (used by inventing activities is
Bonds payable 135,000 225,000 a. P(132,000) b. P(108,000) c. P 18,000 d. P 90,000
Share capital 81,000 81,000 3. Under the direct method, the cash received from customers is
Retained Earnings 126,000 90,000 a. 3,096,000 b. 3,150,000 c. 3,165,000 d. 3,204,000

P 540,000 P 579,000 4. Under the direct method, the total taxes paid is
a. P 15,000 b. P 21,000 c. P 36,000 d. P 51,000
Statement of Comprehensive Income 5. The net cash provided (used) by financing activities is
a. P(162,000) b. P(90,000) c. P 18,000 d. P 72,000
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)