Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows: January 1 December 31 Accounts receivable 2,000,000 3,000,000 Allowance for uncollectible accounts (150,000) (200,000) Accounts payable 1,500,000 2,400,000 Inventory 2,300,000 2,600,000 Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit? 3,200,000 1,700,000 2,300,000 2,200,000
Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows: January 1 December 31 Accounts receivable 2,000,000 3,000,000 Allowance for uncollectible accounts (150,000) (200,000) Accounts payable 1,500,000 2,400,000 Inventory 2,300,000 2,600,000 Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit? 3,200,000 1,700,000 2,300,000 2,200,000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Gayagoy Company reported sales from customers of P6,000,000 and purchases of
P4,000,000 for the year ended December 31, 2024. Additional information follows:
January 1
December 31
Accounts receivable
2,000,000
3,000,000
Allowance for uncollectible accounts
(150,000)
(200,000)
Accounts payable
1,500,000
2,400,000
Inventory
2,300,000
2,600,000
Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024.
Under cash basis, what is the gross profit?
3,200,000
1,700,000
2,300,000
2,200,000
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