Compute for the following: 1. Amount from cash collected from accounts receivable during 2021. 2. Cash payment on accounts payable during 2021.
Compute for the following: 1. Amount from cash collected from accounts receivable during 2021. 2. Cash payment on accounts payable during 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![2021
2020
Cash
Р300,000
840,000
660,000
100,000
80,000
1,130,000
(110,000)
P200,000
580,000
420,000
50,000
Accounts Receivable, net
Merchandise Inventory
Prepaid Expenses
Long-term Investments
Land, Buildings and Fixtures
Accumulated Depreciation
600,000
(50,000)
Total Current Assets
P3,000,000
P1,800,000
Accounts Payable
Accrued Expenses
Dividends Payable
Notes Payable – due 2023
Ordinary Shares
Retained Earnings
Total Liabilities and Equities
P530,000
140,000
70,000
500,000
1,200,000
560,000
P440,000
130,000
900,000
330,000
P3,000,000
P1,800,000
Income Statement
Net credit sales
P6,400,000
5,000,000
P1,400,000
1,000,000
P400,000
P4,000,000
3,200,000
P800,000
520,000
Cost of Goods Sold
Gross Profit
Expenses (including Income Taxes)
Net Income
P280,000
Additional information:
1. All accounts receivable and accounts payable are related to trade merchandise.
Accounts payable recorded net and always are paid to take all of the discount allowed.
3. The allowance for doubtful accounts at the end of the two years are the same. No receivables
were charged against the allowance during the year 2021.
4. The proceeds from the note payable were used to finance a new store building.
5. Capital stock was sold to provide additional working capital.
2.
Compute for the following:
Amount from cash collected from accounts receivable during 2021.
Cash payment on accounts payable during 2021.
1.
2.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F008418e6-572c-4dc5-9a35-accf37a82301%2F1b70246a-ed59-4c48-9a32-2ea7cd673780%2Fyurr454_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2021
2020
Cash
Р300,000
840,000
660,000
100,000
80,000
1,130,000
(110,000)
P200,000
580,000
420,000
50,000
Accounts Receivable, net
Merchandise Inventory
Prepaid Expenses
Long-term Investments
Land, Buildings and Fixtures
Accumulated Depreciation
600,000
(50,000)
Total Current Assets
P3,000,000
P1,800,000
Accounts Payable
Accrued Expenses
Dividends Payable
Notes Payable – due 2023
Ordinary Shares
Retained Earnings
Total Liabilities and Equities
P530,000
140,000
70,000
500,000
1,200,000
560,000
P440,000
130,000
900,000
330,000
P3,000,000
P1,800,000
Income Statement
Net credit sales
P6,400,000
5,000,000
P1,400,000
1,000,000
P400,000
P4,000,000
3,200,000
P800,000
520,000
Cost of Goods Sold
Gross Profit
Expenses (including Income Taxes)
Net Income
P280,000
Additional information:
1. All accounts receivable and accounts payable are related to trade merchandise.
Accounts payable recorded net and always are paid to take all of the discount allowed.
3. The allowance for doubtful accounts at the end of the two years are the same. No receivables
were charged against the allowance during the year 2021.
4. The proceeds from the note payable were used to finance a new store building.
5. Capital stock was sold to provide additional working capital.
2.
Compute for the following:
Amount from cash collected from accounts receivable during 2021.
Cash payment on accounts payable during 2021.
1.
2.
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