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 Required: 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
Required: What amount should be reported as purchases under the cash basis of accounting?
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