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Find the amount of gross profit earned for the current year

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Reference no: EM132859497

Question - Aeta Company is engaged in the business of buying and selling heavy equipments. As of December 31 of the current year, the following information was selected from Aeta's records:

Property, plant and equipment (net, excluding land) 35,000,000

Accounts receivable 20,000,000

Prepaid insurance 2,500,000

Short-term note payable 3,000,000

Cash 5,000,000

Long-term note payable 40,000,000

Land 20,000,000

Accounts payable 8,000,000

Allowance for doubtful accounts 1,000,000

Merchandise inventory 13,000,000

Wages payable 2,000,000

Assuming that the beginning capital for the current year of Aeta is P30,000,000, personal drawings for the current year amounted to P3,600,000 and operating expenses for the whole year is P5,750,000, find the amount of gross profit earned for the current year?

Reference no: EM132859497

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