CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020? PBA Co. provided these data for 2020:Income from continuing operationsUnrealized gain on financial asset at FVPLUnrealized gain on equity investment at FVOCIUnrealized loss on debt investment at FVOCILoss on credit risk of a financial liability at FVPLunrealized gain on futures contract designated ascash flow hedgeNET remeasurement gain on a defined benefit planTranslation loss on foreign operationIncome from discontinued operationsRevaluation surplusP4,000,000800,0001,000,0001,200,000300,000400,000600,000200,000500,0002,500,000How much should be reported as other comprehensive incomefor 2020? SBP Co. provided these data for 2020:Income from continuing operationsUnrealized gain on financial asset at FVPLUnrealized gain on equity investment at FVOCIUnrealized loss on debt investment at FVOCILoss on credit risk of a financial liability at FVPLunrealized gain on futures contract designated ascash flow hedgeNET remeasurement gain on a defined benefit planTranslation loss on foreign operationIncome from discontinued operationsRevaluation surplusP4,000,000800,0001,000,0001,200,000300,000400,000600,000200,000500,0002,500,000How much should be reported as net income for 2020?

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CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020?

CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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