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ABC Co. reported profit of P800,000 in 2021 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis.

ABC Co. reported profit of P800,000 in 2021 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis.

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Inventory, January 1 1,000,000 Inventory, December 31 600,000 Receivables, January 1 300,000 Receivables, December 31 900,000 Payables increase by 500,000

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