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The information on the table below are taken from the financial statements of VALO Corporation Based on these information, compute for the amount of cash that the company paid to suppliers. Did your answer tie up with the summarized data from the cash account given in the table in Problem 1? Explain your answer. Inventory, beginning of the year Inventory, end of the year Accounts payable, beginning of the year Accounts payable, end of the year Cost of goods sold P282,287.50 335,225.00 132,770.00 158,675.00 273,515.00

The information on the table below are taken from the financial statements of VALO Corporation Based on these information, compute for the amount of cash that the company paid to suppliers. Did your answer tie up with the summarized data from the cash account given in the table in Problem 1? Explain your answer. Inventory, beginning of the year Inventory, end of the year Accounts payable, beginning of the year Accounts payable, end of the year Cost of goods sold P282,287.50 335,225.00 132,770.00 158,675.00 273,515.00

FINANCIAL ACCOUNTING
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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1. Copy the error and explain why this is wrong. (If the error seems to be big or composed of various parts, you may take a screenshot of it and just paste the screenshot.)
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PROBLEM 2: The information on the table below are taken from the financial statements of VALO Corporation Based on these information, compute for the amount of cash that the company paid to suppliers. Did your answer tie up with the summarized data from the cash account given in the table in Problem 1? Explain your answer. Inventory, beginning of the year Inventory, end of the year Accounts payable, beginning of the year Accounts payable, end of the year Cost of goods sold P282,287.50 335,225.00 132,770.00 158,675.00 273,515.00 Answers and Solution: Inventory Debit Credit Beginning Balance Purchases P282,287. X = ? Cost of goods sold 273,515,00 Ending Balance P335,225.00
Transcribed Image Text:PROBLEM 2: The information on the table below are taken from the financial statements of VALO Corporation Based on these information, compute for the amount of cash that the company paid to suppliers. Did your answer tie up with the summarized data from the cash account given in the table in Problem 1? Explain your answer. Inventory, beginning of the year Inventory, end of the year Accounts payable, beginning of the year Accounts payable, end of the year Cost of goods sold P282,287.50 335,225.00 132,770.00 158,675.00 273,515.00 Answers and Solution: Inventory Debit Credit Beginning Balance Purchases P282,287. X = ? Cost of goods sold 273,515,00 Ending Balance P335,225.00
Inventory, beginning + Purchase – Cost of goods sold = Inventory, ending Purchases = Inventory, ending – Inventory, beginning + Cost of goods sold = 335,225.00 – 282,287.50 + 273,515.00 Purchases = P326,452.50 Accounts Payable Debit Credit Beginning Balance Purchases Payments to suppliers P132,770.00 326.452.50 X = ? Ending Balance P158,675.00 AP, beginning + Purchases – Payments to suppliers = AP, ending Payment to Supplier = AP, beginning + Purchases – AP, ending = 132,770.00 + 326,452.50 – 158,675.00 Payment to Supplier = P300,547.50 Answer: Yes, it ties up with the summarized data from the cash account given in table 1.
Transcribed Image Text:Inventory, beginning + Purchase – Cost of goods sold = Inventory, ending Purchases = Inventory, ending – Inventory, beginning + Cost of goods sold = 335,225.00 – 282,287.50 + 273,515.00 Purchases = P326,452.50 Accounts Payable Debit Credit Beginning Balance Purchases Payments to suppliers P132,770.00 326.452.50 X = ? Ending Balance P158,675.00 AP, beginning + Purchases – Payments to suppliers = AP, ending Payment to Supplier = AP, beginning + Purchases – AP, ending = 132,770.00 + 326,452.50 – 158,675.00 Payment to Supplier = P300,547.50 Answer: Yes, it ties up with the summarized data from the cash account given in table 1.
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