Reference no: EM133069892
Question - PRIMITIVO CO. was organized on January 2, 2018. The following items are from the company's trial balance on December 31, 2018:
Ordinary share capital P 750,000
Share premium 75,000
Merchandise inventory 34,500
Land 500,000
Building 700,000
Furniture and fixtures 183,500
Accounts receivable 82,700
Accounts payable 194,825
Notes payable - bank 250,000
Sales 3,117,600
Operating expenses (including depreciation of P200,000) 502,575
Additional information is as follows:
1. Deposits in transit P192,330
2. Service charges for December 1,000
3. Outstanding checks, December 31 237,500
4. Bank balance, December 31 446,000
5. Primitivo Co.'s mark up on sales in 30%
Required -
1. What is the total collections from sales?
2. What is the total payments for merchandise purchases?
3. What is the total cash receipts per books?
4. What is the total cash disbursements per books?
5. What is the cash balance per books on December 31?
6. What is the adjusted cash balance on December 31?
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