Inč. iš čomplêting the preparation of the draft finančiål štatement för thể year ended December 31, 2021. The financial statements are authorized for issue on March 31, 2022 On January 31, 2022, a dividend of P3,000,000 was declared and a contractual profit share payment of of P1,000,000 was made both based on the profit for the year ended December 31, 2021 On February 15, 2022, a customer went into liquidation having owed the entity P500,000 for the past 5 months. No allowance had been made agains this debt in the draft financial statements. On March 1, 2022, a manufacturing plant was destroyed by fire resultin in a financial loss of P2,500,000.

Inč. iš čomplêting the preparation of the draft finančiål štatement för thể year ended December 31, 2021. The financial statements are authorized for issue on March 31, 2022 On January 31, 2022, a dividend of P3,000,000 was declared and a contractual profit share payment of of P1,000,000 was made both based on the profit for the year ended December 31, 2021 On February 15, 2022, a customer went into liquidation having owed the entity P500,000 for the past 5 months. No allowance had been made agains this debt in the draft financial statements. On March 1, 2022, a manufacturing plant was destroyed by fire resultin in a financial loss of P2,500,000.

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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