How much should PINK report as current assets on December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much should PINK report as current assets on December 31, 2021?
Transcribed Image Text:GREEN Enterprises reported the following information for the current year: Inventory, January 1
P2,300,000; Purchases – P7,105,000; Purchase returns and allowances - P520,000; Sales returns and
allowances – P692,000; Inventory, December 31-P2,470,000. Gross profit rate on net sales is 20%.
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