Tim Corporation reported total purchases of P3,200,000 in its accrual basis financial statement on December 31, 2X20. Additional information revealed the following: Accounts payable, December 31, 2X19 P900,000 Accounts payable, December 31, 2X20 1,250,000 

• What is the amount of purchases under the cash basis on December 31, 2X20?

Answer rating: 100% (QA)

To determine the amount of purchases under the cash basis on December 31 2X20 we need to adjust ... View the full answer