73. Black Company which began operations on January 1, 2018, has elected to use cash basis accounting for tax purposes and accrual basis accounting for the financial statements. The entity reported sales of P1,750,000 and P800,000 in the tax returns for the years ended December 31, 2019 and 2018,respectively. The entity reported accounts receivable of P300,000 and P500,000 in the statement of financial position on December 31, 2019 ad 2018. respectively. What amount should be reported as aisles in the income statement for the year ended December 31, 2019? а. 1,450,000 b. 1,550,000 c. 1,950,000 d. 2,050,000

73. Black Company which began operations on January 1, 2018, has elected to use cash basis accounting for tax purposes and accrual basis accounting for the financial statements. The entity reported sales of P1,750,000 and P800,000 in the tax returns for the years ended December 31, 2019 and 2018,respectively. The entity reported accounts receivable of P300,000 and P500,000 in the statement of financial position on December 31, 2019 ad 2018. respectively. What amount should be reported as aisles in the income statement for the year ended December 31, 2019? а. 1,450,000 b. 1,550,000 c. 1,950,000 d. 2,050,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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