VIOLET Company reported total purchases of P 3,200,000 in its accrual basis financial statement on December 31, 2021. Additional information revealed the following: Accounts payable, December 31, 2020 - P 900,000; Accounts payable, December 31, 2021 - P 1,250,000. What is the amount of purchases under the cash basis on December 31, 2021?

VIOLET Company reported total purchases of P 3,200,000 in its accrual basis financial statement on December 31, 2021. Additional information revealed the following: Accounts payable, December 31, 2020 - P 900,000; Accounts payable, December 31, 2021 - P 1,250,000. What is the amount of purchases under the cash basis on December 31, 2021?

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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