Reference no: EM132815079
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
Problem 1: 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, the amount of gross profit earned for the current year is
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