Question

PLEASE COMPLETE THE ANSWER

SAT 1.1

RBB RETAILING CORPORATION Statement of Comprehensive Income For the year ended December 31, 2020 Net sales Less: Cost of sales 3,380,000 2,566,000 Gross profit 814,000 Less: Operating expenses Selling expenses General and administrative expenses Income before income tax 260,500 352,200 612.700 201,300 Less: Income tax expense 60,390 Net profit 140,910 Included under General and Administrative Expenses is the depreciation of the following account titles: a. Building - P80,000 b Office Equipment - P70,000 RBB RETAILING CORPORATION Statement of Changes in Equity As of December 31, 2020 Common Stock Additional Paid in Capital Retained Earnings Treasury Shares Total Equity Balances, beginning 1,220,000 426,190 (500,000) 6,846,190 5,700,000 300,000 Issuance of shares 30,000 Reacquired shares (100,000) 330,000 (100,000) 140,910 Net profit 140,910 Balances, ending 6,000,000 1,250,000 567,100 (600,000) 7,217,100 * as of 2020, P10 par, 1,000,000 shares authorized, 600,000 shares issued, 550,000 shares outstanding, 50,000 shares in the treasury. RBB RETAILING CORPORATION Statement of Financial Position As of December 31 ASSETS 2020 2019 Current Assets Cash 500,200 197,590 630,000 650,000 1,298,000 1,250,000 Accounts receivable Merchandise inventory Total Current Assets Noncurrent Assets 2.428,200 2,097,590 Land 3,000,000 3,500,000 Building 3,200,000 3,700,000 Accumulated depreciation (100,000) 400,000 (20,000) 300,000 Office equipment (100,000) (30,000) Accumulated depreciation Total Noncurrent Assets 6,400,000 7,450,000 TOTAL ASSETS 8,828,200 9,547,590 LIABILITIES AND EQUITY Current Liabilities 425,700 950,600 Accounts payable Salaries payable 785,400 750,800 Total Current Liabilities 1,211,100 1,701,400 Noncurrent Liabilities 400,000 1,000,000 Notes payable, due after 2 years Total Noncurrent Liabilities 400,000 1,000,000 Total Liabilities 1,611,100 7,217,100 2,701,400 6,846,190 Equity TOTAL LIABILITIES AND EQUITY 8,828,200 9,547,590 Based on the given, prepare the Statement of Cash Flows.

SAT 1.2

SAT 1.3

SAT 1.4

Answer 1

1.1	Statement of Cash flows
	Cash flows from operating Activities	Amount	Amount
	Net profit		140,910
	Add : Depreciation (80000+70000)		150,000
	Add : Decrease in current Assets/ increase in current laibilities
	Accounts receivable	20,000
	Salary payable	34,600	54,600
	Less : Decrease in current liabilties/ increase in current assets
	Merchandise inventory	48,000
	Accounts Payable	524,900	(572,900)
	Net cash from operating activities ( A )		(227,390)
	Cash flows from investing Activities
	Sale of land	500,000
	Sale of building	500,000
	Purchase of equipment	(100,000)
	Net cash from investing activities ( B )		900,000
	Cash flows from financing Activities
	Issuance of share	330,000
	Notes Payable	(600,000)
	Reacquire of share	(100,000)
	Net cash from financing activities ( C )		(370,000)
	Total Net cash flows (A+B+C)		302,610
	Opening cash		197,590
	Closing cash		500,200

1.2	Statement of Cash flows
	Cash flows from operating Activities	Amount	Amount
	Net profit		350,000
	Add : Income tax		150,000
	Add : Depreciation (150000+20000)		170,000
	Add : Decrease in current Assets/ increase in current laibilities
	Merchandise inventory	24,400
			24,400
	Less : Decrease in current liabilties/ increase in current assets
	Accounts receivable	142,000
	Accounts Payable	24,400
	Salary payable	40,000	(206,400)
	Less : Income tax paid		(30,200)
	Net cash from operating activities ( A )		457,800
	Cash flows from investing Activities
	Sale of land	400,000
	Sale of building	300,000
	Purchase of equipment	(100,000)
	Net cash from investing activities ( B )		600,000
	Cash flows from financing Activities
	Issuance of share	275,000
	Notes Payable	(40,000)
	Dividend Paid	(300,000)
	Reacquire of share	(105,000)
	Net cash from financing activities ( C )		(170,000)
	Total Net cash flows (A+B+C)		887,800
	Opening cash		202,200
	Closing cash		1,090,000

1.3	Statement of Cash flows
	Cash flows from operating Activities	Amount	Amount
	Sale of Merchandise	3,700,000
	Operating Expense	(1,505,000)
	Purchase of merchandise	(2,580,000)
1	Net cash from operating activities ( A )		(385,000)
	Cash flows from investing Activities
	Sale of investment property	1,300,000
	Dividend on investment held	90,000
	Purchase of furniture and fixtures	(3,400,000)
	Purchase of treasury shares	(100,000)
2	Net cash from investing activities ( B )		(2,110,000)
	Cash flows from financing Activities
	Sale of Share capital	4,200,000
	Issuance of bonds	2,000,000
	Interest on notes payable	(120,000)
	Repayment of notes payable	(1,000,000)
	Dividend paid	(500,000)
3	Net cash from financing activities ( C )		4,580,000
	Total Net cash flows (A+B+C)		2,085,000
	Opening cash		500,000
4	Closing cash		2,585,000

1	Collections
	Opening Receivables	1,500,000
	Add : Sales Revenue	18,000,000
	Less : Closing Receivables	(800,000)
	Collections	18,700,000
2	Closing prepaid rent	720,000
	Add : Rent expense	3,100,000
	Less :Opening prepaid rent	& Add a comment Know the answer? Add Answer to: PLEASE COMPLETE THE ANSWER SAT 1.1 SAT 1.2 SAT 1.3 SAT 1.4 RBB RETAILING CORPORATION Statement... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions SAT 1.1 SAT 1.2 SAT 1.3 SAT 1.4 SAT 1.5 SAT 1.6 SAT 1.7 SAT 1.8... 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