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Question - The following are the comparative statements of financial position of H Company to aid in preparing the statement of cash flows:
H Company Comparative Statements of Financial Position December 31, 2021 and 2020
2021
2020
ASSETS
Cash and cash equivalents
P900,000
P620,000
Financial assets at fair value through profit or loss
400,000
300,000
Accounts receivable
1,956,500
1,445,000
Inventory
3,050,000
3,200,000
Long-term investments
1,000,000
1,250,000
Property, plant, and equipment
9,000,000
8,000,000
Less: accumulated depreciation
(2,200,000)
(2,000,000)
Patents
600,000
Less: accumulated amortization
(100,000)
-
TOTAL ASSETS
P14,606,500
P13,415,000
LIABILITIES AND EQUITY
Accounts payable
2,200,000
1,900,000
Income tax payable
34,500
45,000
12% Bonds payable
4,000,000
Less: Discount on bonds payable
(250,000)
(300,000)
Ordinary share capital
7,500,000
6,500,000
Retained earnings
1,122,000
1,270,000
TOTAL LIABILITIES AND EQUITY
The following took place in 2021:
-H Company declared and paid cash dividends of P750,000.
-A long-term investment was sold for P280,000.
-Equipment costing P900,000 with accumulated depreciation of P400,000 was sold for P420,000.
Other information:
-The 6% bonds payable were issued on December 31, 2020 and interest is payable every December 31.
-Income tax rate is 30%.
Required - Create a statement of cash flows for the year ended December 31, 2021 for H Company using the indirect method of presenting cash flows from operating activities.
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