JIN CORPORATION
STATEMENT OF CASH FLOWS
For the year ended December 31, 2023
(in Philippine pesos)
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) (20,000)
Adjustments:
Depreciation 1 17,000
Loss on sale of land 4,000
Operating receipts before working capital changes 1,000
(Increase) Decrease in current assets:
Accounts receivable (10,000)
Prepaid insurance (8,000)
Increase (Decrease) in current liabilities
Accounts payable 5,000
Cash provided by (used in) operating activities (12,000)
Income taxes paid -
Interest paid -
Net cash used in operating activities (12,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of land 2 18,000
Proceeds from sale of equipment 5,000
Net cash provided by investing activities 23,000
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of dividends (14,000)
Retirement of bonds (22,000)
Issuance of bonds 3 30,000
Net cash used in financing activities (6,000)
Net increase (Decrease) in cash 5,000
Cash balance, January 1 31,000
Cash balance, December 31 36,000
Accumulated Depreciation
13,000 Jan. 1
10,000 17,000 Depreciation
20,000 Dec. 31
Bonds Payable
19,000 Jan. 1
22,000 30,000 Issuance of bonds
27,000 Dec. 31
1. Depreciation expense
Accumulated depreciation, Dec. 31. 20,000
Less: Accumulated depreciation, Jan. 1 13,000
Increase in accumulated depreciation 7,000
Add back: Accumulated depreciation of
equipment sold 10,000
Depreciation expense - 2023 17,000
2. Proceeds from sale of land
Land, January 1 40,000
Less: Land, December 31 18,000
Carrying amount of land sold 22,000
Less: Loss on sale of land 4,000
Proceeds from sale of land 18,000
3. Issuance of bonds
Bonds Payable, Dec. 31 27,000
Bonds Payable, Jan. 1 19,000
Increase in Bonds payable 8,000
Retirement of bonds 22,000
Issuance of new bonds 30,000
HOSEOK CORPORATION
STATEMENT OF CASH FLOWS
For the year ended December 31, 2023
(in Philippine pesos)
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 1 408,000
Cash payments to suppliers 2 (301,000)
Cash payments for operating expenses 3 (37,000)
Cash generated by operating activities 70,000
Income taxes paid 4 (16,000)
Interest paid (4,000)
Net cash provided by operating activities 50,000
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of equipment 15,000
Net cash provided by investing activities 15,000
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of dividends (41,000)
Issuance of ordinary shares 17,000
Retirement of bonds 5 (26,000)
Net cash used in financing activities (50,000)
Increase (Decrease) in cash 15,000
Cash balance, January 1 23,000
Cash balance, December 31 38,000
1. Cash receipts from customers
Accounts receivable, Jan.1 34,000
Add: sales for 2023 400,000
434,000
Less: Accounts receivable, Dec. 31 26,000
Cash receipts from customers 408,000
2. Payments to suppliers
Inventory, Dec. 31 30,000
Add: Cost of goods sold 280,000
Total goods available for sale 310,000
Less: Inventory, Jan. 1 15,000
Purchases for the year 295,000
Add: Accounts payable, Jan. 1 23,000
Less: Accounts payable, Dec. 31 (17,000)
Cash payments to suppliers 301,000
3. Payments for operating expenses
Operating expenses 46,000
Less: Depreciation 9,000
Cash payments for operating expenses 37,000
4. Income taxes paid
Income taxes payable, Jan. 1 8,000
Add: Income tax expense for the year 21,000
Less: Income taxes payable, Dec. 31 (13,000)
Income taxes paid 16,000
5. Retirement of bonds
Bonds payable, Jan. 1 33,000
Less: Bonds payable, Dec. 31 7,000
Retirement of bonds 26,000
Inv, beg 15,000
+ Purchase 295,000
TCOGAFS 310,000
- Inv. End. 30,000
COGS 280,000
Accounts payable
Dr Cr
23,000
301,000 295,000
17,000
Depreciation expense
Accumulated depreciation, Dec. 31. 20,000
Less: Accumulated depreciation, Jan. 1 24,000
Change in accumulated depreciation (4,000)
Add: Accum. Depn - equipment sold 13,000
Depreciation expense - 2023 9,000
24,000
13,000 9,000
20,000
