Reference no: EM133063224
Question -
Q1. BEN Inc. provided you the following information:
Cost of goods sold under accrual basis of accounting.
Cash purchases - gross 300,000 Trade accounts payable, beg. 500,000
Trade accounts payable, end 400,000 Trade notes payable decreased by 200,000
Cash payments on payables 1,000,000 Purchase returns and discounts (inclusive of P15,000
receipts from suppliers) 20,000 Inventory increased by 100,000
From the given information, compute the amount of the following: Cost of goods sold under cash basis of accounting.
Q2. Accrued rent income, Jan. 1 400,000
Accrued rent income, Dec. 31 200,000
Unearned rent, Jan. 1 300,000
Unearned rent, Dec. 31 500,000
Rent income under accrual basis 600,000
Compute the rent income under cash basis.
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