Reference no: EM132951906

Question - Tom Cruz started his Train Fastfood on July 1, 2032 with an initial investment totaling P500,000, composed of P300,000 in cash from his personal funds and P200,000 worth of equipment. Train Fastfood also borrowed P500,000 from a bank.

During its first six months of operations, revenues totaled P2,100,000 of which P1,900,000 were collected. Purchases for kitchen supplies amounted to P1,850,000 of which P230,000 remained unpaid. His fast food operations were made at 50% above cost.

He purchased a new equipment on October 1, 2032 and this was depreciated for P8,000 based on a five-year life with a salvage value of 20% of its cost. The company also used the same basis of depreciation for the other equipment he initially invested.

The balance of his bank loan at December 31, 2032 is P200,000. All operating expenses, including the purchase of new equipment, were paid in cash. Train Fastfood's business operations ending December 31, 2032 showed a profit of P120,000.

Required -

1. Make a Statement of comprehensive income for the six months ended December 31, 2032?

2. Make a statement of financial position as of December 31, 2032?

3. Make a schedule of cash receipts and payments for the period?