The following data were reported by Vegetta Company during the current year: Accounts payable – January 1 P 22,000 Accounts payable – December 31 150,000 Notes payable – January 1 190,000 Notes payable – December 31 110,000 Advances to suppliers – January 1 42,100 Advances to suppliers – December 31 44,230 Purchases returns and allowance 1,920 Purchased discount 2,030 Cash payment 442,000 What is gross purchases under the accrual basis of accounting? (no peso sign, no comma, whole number only)
The following data were reported by Vegetta Company during the current year: Accounts payable – January 1 P 22,000 Accounts payable – December 31 150,000 Notes payable – January 1 190,000 Notes payable – December 31 110,000 Advances to suppliers – January 1 42,100 Advances to suppliers – December 31 44,230 Purchases returns and allowance 1,920 Purchased discount 2,030 Cash payment 442,000 What is gross purchases under the accrual basis of accounting? (no peso sign, no comma, whole number only)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 5AP
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The following data were reported by Vegetta Company during the current year:
|
Accounts payable – January 1 |
P 22,000 |
|
Accounts payable – December 31 |
150,000 |
|
Notes payable – January 1 |
190,000 |
|
Notes payable – December 31 |
110,000 |
|
Advances to suppliers – January 1 |
42,100 |
|
Advances to suppliers – December 31 |
44,230 |
|
Purchases returns and allowance |
1,920 |
|
Purchased discount |
2,030 |
|
Cash payment |
442,000 |
What is gross purchases under the accrual basis of accounting? (no peso sign, no comma, whole number only)
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