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?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...
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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 900,0003;
Accounts payable, December 31, 2021 - P 1,250,000. What is the amount of purchases under the cash basis
on December 31, 2021?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe1e9ffc1-fe3c-48a8-afe0-b3d411a9fb9b%2Fd0d86cb0-19b1-4259-b937-4ff3662351dd%2Fy6pzdfj_processed.png&w=3840&q=75)
Transcribed Image Text: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 900,0003;
Accounts payable, December 31, 2021 - P 1,250,000. What is the amount of purchases under the cash basis
on December 31, 2021?
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