Reference no: EM132668658
Problem 1: What amount should be reported as sales in the income statement for 2X16?
Problem 2: Ronald Company, which began operations on January 1, 2X15, has elected to use a cash basis accounting for tax purposes and accrual basis for financial statements. The entity reported sales of P1,750,000 and P800,000 in tax returns for the years ended December 31, 2X16, and 2X15, respectively.
Cordero Company maintained the accounting records on a cash basis but restated the financial statements to the accrual method of accounting. The entity had P6,000,000 in cash basis pretax income for 2X16.
The entity provided the following information on December 31, 2X16
2X16 2X15
Accounts receivable 4,000,000 2,000,000
Accounts payable 1,500,000 3,000,000
Under the cash basis, what amount of income before tax should be reported in the 2X16 income statement?
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