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How much is the gross profit for the year

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Question 1 - The records of Belgica Co. showed the following information:

Accounts receivable, net, Jan. 1, 2022 P200,000

Accounts receivable, net, Dec. 31, 2022 350,000

Accounts receivable turnover 5:1

Inventory, Jan. 1, 2022 145,000

Inventory, Dec. 31, 2022 184,000

Inventory turnover 6:1

How much is the gross profit for the year?

Question 2 - The following pertains to Bello Company for the year ended December 31, 2022:

Retained earnings - unappropriated, January 1 P850,000

Under-depreciation of 2020 due to fundamental error 360,000

Net income 2022 1,000,000

Dividends - common and preferred 450,000

Change in accounting policy from straight line to accelerated method - debit adjustment 250,000

Retained earnings appropriated for treasury stock 120,000

How much is the total retained earnings at December 31, 2022?

Reference no: EM133150165

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