Reference no: EM132901118
The general ledger of Lopez Company provides the following information:
Beginning End of Year of Year
Accounts Receivable P 55,000 P 94,000
Inventory 350,000 210,000
Accounts Payable 40,000 65,000
Net sales for the year were P2,100,000 and cost of goods sold amounted to P1,500,000.
Required:
Problem 1: Compute the following:
A. Cash receipts from customers.
B. Cash payments to suppliers.
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