Please dont reject this. Leave any answer Goodbye 99 Series Company's comparative balance sheet for 2021 and 2022 and income statement for 2022 are presentedbelow:Goodbye 99 Series CompanyComparative Balance SheetAs of December 31In PHP20222021Current assetsCash1,440,571.431,103,922.433,500,000Accounts receivable, gross4,650,000Less: Allowance for doubtful accounts(345,000)(275,000)Inventories3,150,000 8,895,571.432,800,000 7,128,922.43Non-current assetsInvestment in equity securities - FVOCI1,650,0001,000,000Land9,500,00010,250,000Buildings15,750,00016,250,000Less: Accumulated depreciation(5,698,565)21,201,435(5,096,315) 22,403,68530,097,006.4329,532,607.432,980,0002,325,0001,150,0001,763,000130,00090,000183,000.10124,00050,00075,0001,550,000 6,043,000.102,000,0006,377,0003,000,0003,000,000(182,240.96)2,817,759.04 (216,286.57)2,783,713.438,860,759.149,160,713.4310,500,0009,000,0006,249,0005,085,000250,000(100,000)4,267,247.296,466,894(30,000)(80,000)21,236,247.2920,371,89430,097,006.4329,532.607.43Total assetsCurrent liabilitiesAccount payableOther payablesInterest payableIncome tax payableDividends payableNotes payableNon-current liabilitiesBonds payableLess: Discount on bonds payableTotal liabilitiesShareholders' equityCapital stockAdditional paid-in capitalUnrealized gain (loss) on change ininvestment fair value - OCIRetained earningsLess: Treasury stockTotal shareholders' equityTotal liabilities and shareholders' equity In PHPSalesCost of goods soldGross profitOperating expensesOperating incomeOther income/chargesInterest expenseDividend incomeLoss on sale of landGain on sale of buildingIncome before income taxIncome tax expenseNet incomeIncome StatementFor the Year Ended December 31, 20228,900,000(6,141,000)2,759,000(1,235,250)1,523,750(430,045.61)12,650(50,000)86,250(381,145.61)1,142,604.39(285,651.10)856,953.29Additional information:• All sales are on account. During the year, accounts receivable written off amounted to P325,000 while recoveries ofaccounts receivable previously written off totaled P275,000. (Hint: Use the increase/decrease in the net realizablevalue of accounts receivable (instead of gross amount) to answer requirement 1.)Two transactions affected the buildings account in 2022. A new building was purchased during the year by issuing anote payable due in 2023 while another was sold for cash.Buildings are depreciated using the straight-line method with a 50-year useful life and no residual value. A full year'sdepreciation is recorded on the year of acquisition and none on the year of disposal. Without the acquisition,depreciation expense of P734,000 would have been recorded in 2022 on the remaining buildings (excluding thedisposed building).Accounts payable are solely used for purchases of inventories from suppliers. All purchases are on account.Other payables are used exclusively for recording operating expenses to be paid in cash.Notes payable are interest-bearing in nature with maturities of 1 year or less. The 2021 year-end balance of the saidaccount was accordingly paid in full during the year.The company issued bonds on December 31, 2021 for cash. The bonds require annual interest payment of 10% everyDecember 31 and will mature in 5 years.Treasury stock was reissued during the year for P40,000.Both a cash and a small stock dividend were declared during the year.●No errors were noted in recording the company's transactions for 2022.2) Prepare the statement of cash flows of Goodbye 99 Series Company in good form for 2022 using the direct method.

Cash Flow Statement Cash Flow statement which can be prepared by using both Direct method and…

Accounts payable are solely used for purchases of inventories from suppliers. All purchases are on account. Other payables are used exclusively for recording operating expenses to be paid in cash. Notes payable are interest-bearing in nature with maturities of 1 year or less. The 2021 year-end balance of the said account was accordingly paid in full during the year. • The company issued bonds on December 31, 2021 for cash. The bonds require annual interest payment of 10% every December 31 and will mature in 5 years. • Treasury stock was reissued during the year for P40,000. Both a cash and a small stock dividend were declared during the year. . No errors were noted in recording the company's transactions for 2022. 2) Prepare the statement of cash flows of Goodbye 99 Series Company in good form for 2022 using the direct method.

Accounts payable are solely used for purchases of inventories from suppliers. All purchases are on account. Other payables are used exclusively for recording operating expenses to be paid in cash. Notes payable are interest-bearing in nature with maturities of 1 year or less. The 2021 year-end balance of the said account was accordingly paid in full during the year. • The company issued bonds on December 31, 2021 for cash. The bonds require annual interest payment of 10% every December 31 and will mature in 5 years. • Treasury stock was reissued during the year for P40,000. Both a cash and a small stock dividend were declared during the year. . No errors were noted in recording the company's transactions for 2022. 2) Prepare the statement of cash flows of Goodbye 99 Series Company in good form for 2022 using the direct method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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