What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 31, 2021 to reflect adjusting events?a. 4500000b. 3000000c. 2500000d. 1500000 Sushi Inc. is completing the preparation of the draft financial statement for the year endedDecember 31, 2021.The financial statements are authorized for issue on March 31, 2022On January 31, 2022, a dividend of P3,000,000 was declared and a contractual profit share payment ofof P1,000,000 was made both based on the profit for the year ended December 31, 2021On February 15, 2022, a customer went into liquidation having owed the entity P500,000 for thepast 5 months. No allowance had been made agains this debt in the draft financial statements.On March 1, 2022, a manufacturing plant was destroyed by fire resultin in a financial loss ofP2,500,000.

Name: What total amount should be recognized in profit or loss of Sushi Inc.
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Description: What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 31, 2021 to reflect adjusting events?a. 4500000b. 3000000c. 2500000d. 1500000 Sushi Inc. is completing the preparation of the draft financial statement

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What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 31, 2021 to reflect adjusting events? a. 4500000 b. 3000000 c. 2500000 d. 1500000

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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