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Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows: January 1 December 31 Accounts receivable 2,000,000 3,000,000 Allowance for uncollectible accounts (150,000) (200,000) Accounts payable 1,500,000 2,400,000 Inventory 2,300,000 2,600,000 Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit? 3,200,000 1,700,000 2,300,000 2,200,000

Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows: January 1 December 31 Accounts receivable 2,000,000 3,000,000 Allowance for uncollectible accounts (150,000) (200,000) Accounts payable 1,500,000 2,400,000 Inventory 2,300,000 2,600,000 Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit? 3,200,000 1,700,000 2,300,000 2,200,000

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...
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Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows: January 1 December 31 Accounts receivable 2,000,000 3,000,000 Allowance for uncollectible accounts (150,000) (200,000) Accounts payable 1,500,000 2,400,000 Inventory 2,300,000 2,600,000 Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit? 3,200,000 1,700,000 2,300,000 2,200,000
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