Transcribed Image Text: The beginning and ending balances in cach of the balance sheet accounts

Transcribed Image Text: The beginning and ending balances in cach of the balance sheet accounts
of the Mexieо Соmpany aгe яs follows:
Dec. 31, 2019
P260,000
180,000
400,000
50,000
P890,000
P1,200,000
1,000,000
Dec. 31, 2020
(ash
P100,000
Accounts recivable
360,000
Inventory
Prepaid insurance
Total current assets
460,000
30,000
P950,000
P1.500,000
Land
Plant & equipment
Accumulated depreciation
1,400.000
(400,000)
P1,800,000
(500,000)
P2,400,000
Total non-current assets
Total assets
P2,690,000
Р3,350.000
P 300,000
200,000
P 260.060
132.000
Accounts payable
Accrued operating expenses
Interest payable
Income taxes payabie
Tota! current liabilities
Bonds payable
30,000
20,000
122,000
P 642,000
600,000
800,000
648,000
150.000
P 572.600
700,000
1,100,000
Common stock
Retained earnings
978,005
Total liabilities & equity
P2,690,000
P3,350,000
=====
=====H=
The forccast income stateinent for the Mexico Company for 2020 is
presented helow:
Sales
P2,500,000
LJ00,000
PI,100,000
Cost of sales
Gross profit
Operating exppenses
Income before Interest & tax
Interest expense
Income hefore tas
300,000
P 800,000
50,000
P 750,000
300,000
P 450,000
Income tax
Net income
REQUIRED:
1. Prepare a furerast caah flow stateent tur 2020.

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