Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 27, 2024

ABC Co. reported profit of P800,000 in 2021 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis.

ABC Co. reported profit of P800,000 in 2021 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis.

Inventory, January 1 1,000,000 Inventory, December 31 600,000 Receivables, January 1 300,000 Receivables, December 31 900,000 Payables increase by 500,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

Students also viewed these Accounting questions

Question

★★★★★

Construct an ogive for the data set using six classes. Use the data set, which represents the numbers of rooms reserved during one nights business at a sample of hotels. 153 104 118 166 89 104 100 79...

Answered: 1 week ago

Question

★★★★★

6.14 A normal random variable x has an unknown mean and standard deviation or =2. If the probability that X exceeds 7.5 is 0.8023, find .

Answered: 1 week ago

Question

★★★★★

Photographic laboratories recover and recycle the silver used in photographic film. Stikine River Photo is considering purchase of improved equipment for their laboratory at Telegraph Creek. Here is...

Answered: 1 week ago

Question

★★★★★

Almendarez Corporation is considering the purchase of a machine that would cost $130,000 and would last for 5 years. At the end of 5 years, the machine would have a salvage value of $19,000. By...

Answered: 1 week ago

Question

★★★★★

Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. Additional Information a. A...

Answered: 1 week ago

Question

★★★★★

recommendation for companies to utilize zoom app with its best quality

Answered: 1 week ago

Question

★★★★★

Audi cars are produced via a variety of approaches in China, India and Indonesia. Discuss each approach used in each country. You are also required to discuss the benefits and risks of the approaches...

Answered: 1 week ago

Question

★★★★★

You manage a development organization. A member of one of your Scrum Teams keeps being interrupted by the "Operations Group", due to his domain expertise on a legacy application that is critically...

Answered: 1 week ago

Question

★★★★★

Worksheet 4: Measuring Supply Chain Performance; Inventory Measures The cost of goods sold last year at ZIP Corporation was$3,069,000(i.e., annual sales, at cost). The company operates 48 weeks per...

Answered: 1 week ago

Question

★★★★★

You could easily now be asking yourself "How could the speed of the bar possibly be constant when there is a force pulling it to the right and the rails are frictionless?" That is a very legitimate...

Answered: 1 week ago

Previous Question Next Question