Answered: increase in accounts payable of P5,000,…

increase in accounts payable of P5,000, decrease in accounts receivable of P4,000, increase in inventories of P4,000, and depreciation expense of P4,000. What was the cash collected from customers? *

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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Question

Deity Company had sales of P30,000, increase in accounts payable of P5,000, decrease in accounts receivable of P4,000, increase in inventories of P4,000, and depreciation expense of P4,000. What was the cash collected from customers? *

a. P31,000

b. P35,000

c. P34,000

d.P25,000

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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