Solution-Create abbreviated profit or loss section of the

Create abbreviated profit or loss section of the statements

Reference no: EM133180896

Question - Tropang Angat Corporation maintains its financial records on the cash basis of accounting. Interest in securing a long-term loan from its regular bank, the company requests you to convert its cash-basis profit or loss data to the accrual basis. You are provided with the following data covering 2019, 2020, and 2021.

	2019	2020	2021
Cash receipts from sales
On 2019 sales	P295,000	P160,000	P30,000
On 2020 sales	-0-	355,000	90,000
On 2021 sales			408,000

Cash payments for expenses
On 2019 expenses	185,000	67,000	25,000
On 2020 expenses	40,000 (a)	160,000	55,000
On 2021 expenses		45,000 (b)	218,000

1. Prepayments of 2019 expenses.

2. Prepayments of 2021 expenses.

Required - Create abbreviated profit or loss section of the statements of comprehensive income for years 2021 and 2020 using both cash and accrual basis.

Reference no: EM133180896

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Create abbreviated profit or loss section of the statements

Reference no: EM133180896

Reference no: EM133180896

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