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)

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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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