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What is the amount of sales for the year

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Reference no: EM132784566

Question - Cunanan Santos started a retail merchandise business on January 1, 2020. During the fiscal year ended December 31, 2020, the entity paid trade creditors of P 2,000,000 and suffered a net loss of P 350,000.

The ledger account preclosing balances on December 31, 2020 include the following:

Accounts receivable 600,000

Accounts payable 750,000

Capital (total investment in cash) 2,000,000

Expenses (paid in cash) 100,000

Merchandise (unadjusted debit balance) 700,000

There were no withdrawals. All sales and purchases were on credit. The merchandise account is debited for purchases and credited for sales.

Required -

1. What is the amount of sales for the year?

2. What is the cash balance on December 31, 2020?

3. What is the merchandise inventory on December 31, 2020?

Reference no: EM132784566

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