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Compute the profit under accrual basis

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Question - ABC Co. reported profit of P800,000 in 2021 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis.

Inventory, January 1 1,000,000

Inventory, December 31 600,000

Receivables, January 1 300,000

Receivables, December 31 900,000

Payables increase by 500,000

Required - Compute the profit under accrual basis?

Reference no: EM133039206

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