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Magenta Corporation has the following sales forecasts for the selected threemonth period for the current year:
Month Sales
July P30,000
August 15,000
September 12,000
Accounts receivable balance (July 1) Cash balance (July 1)
P28,000 17,000
Question1 : What is the cash balance at the end of July, assuming that cash is received only from customers and that P53,000 is paid out during July?
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Do other professional accounting organizations also provide guidance regarding ethics in accounting?
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