Answered: The following balances were reported by…

The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000 12/31/19 P2,900,000 500,000 Inventory Account payable 750,000

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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Question

ABC Co. paid suppliers P4,900,000 during 2019. WHAT IS THE AMOUNT OF THE COST OF GOODS SOLD IN 2020.

The following balances were reported by ABC Co. at December
31, 2019 and 2020:
12/31/20
12/31/19
Inventory
Account payable
P2,600,000
750,000
P2,900,000
500,000

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