Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting?
Conor Company provided the following data for the current year:
Sales P 10,000,000
Cost of goods sold 5,300,000
Operating expenses 3,800,000
December 31 January 1
Prepaid operating expenses P 1,000,000 P 700,000
Accounts payable 1,350,000 1,200,000
Inventory 2,500,000 2,100,000
What amount should be reported as purchases under the cash basis of accounting?
Conor Company provided the following data for the current year:
Sales P 10,000,000
Cost of goods sold 5,300,000
Operating expenses 3,800,000
December 31 January 1
Prepaid operating expenses P 1,000,000 P 700,000
Accounts payable 1,350,000 1,200,000
Inventory 2,500,000 2,100,000
Accounts receivable 1,400,000 1,375,000
What amount should be reported as purchases under the cash basis of accounting? (please provide an explanation)
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