Reference no: EM132905693
The current year's operations of Cerelac, Inc.: December 31 January 1
Accounts Receivable P 51,000 P 45,000
Accounts Payable 60,000 33,000
Accrued Wages - 7,000
Collections from customers 794,000
Total cash payments 715,000
Selling expenses of P144,000 are 45% of gross profit.
Administrative
expenses are 15% of sales.
This amount includes depreciation which is 20% of administrative expenses.
There are no unpaid selling and administrative expenses as of December 31.
Inventory per physical
count at year-end totaled P125,000
Problem 1: What is the total purchases for the period
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