Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December
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Question:
Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows:
January 1 | December 31 | |
Accounts receivable | 2,000,000 | 3,000,000 |
Allowance for uncollectible accounts | (150,000) | (200,000) |
Accounts payable | 1,500,000 | 2,400,000 |
Inventory | 2,300,000 | 2,600,000 |
Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit?
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