You were assigned to do a substantive test procedure on the Inventories of your audit client, DONTQUI Corporation. As a result of your preliminary assessment of audit risk and the rest of your test of controls over inventory shipments and receipts, you decided to render a out off procedure on deliveries and receipts of goods several days before and after the balance sheet date, December 31, 2020. The Inventories reported per books amounting to P234,500 was as a result of a physical count conducted on the client's warehouse on Dromober 30, 2020 Audit notes: 1) All customers are within 3-5 days delivery area. Gross profit on sales is ot SON. The lost. Sales Invoice 'Sl) recorded as soles in the December Sales Journal is 5/ Na. 20824. The following is a summary of the cut off made on sales transactiona: Shipment Na Date Date Amount Remarks 20821 Dec. 19 Dec. 20 R 26,500 | FOB Shipping Point Dec. 21 Pec. 21 10,900 | FOB Destination (to consignee 20823 Dec. 27 Dec. 29 40,500 FOB Destination (In transit 20824 FCC. 29 Dec. 31 20,600 FOB Shipping Point (in transit) 20825 Dec. 31 Dec. 31 36,800 | FOB Shipping Point (in transit 20820 Dec. 30 Dec. 30 23,600 | FOB Destination (in transit 20827 Jan. 04 Jan. 05 20.500 | FOB Shipping Point 2) All suppliers are within 3-5 days delivery area. The lost Receiving Report (PA) recorded in the December Purchases Joumal was AR No. 68134. The following is a summary of the cut off made on purchases transactions: Ma Date Amount Remarks Dec. 15 16,200 FOB Shipping Point Dec. 25 20.500 FOB Destination (from consignor CETES Dec. 31 19.900 FOR Destination Jan. 02 20,800 FOB Destination (in transit 63139 Jan. 02 25,500 FOB Destination (in transit) 62140 EQ Uer 22,500 FOB Shipping Point (in transit 62141 Jan. 05 11,400 FOB Shipping Point 3) An excerpt of the Company's trial balance revealed the following selected account balances relevant to your audit: Sales P 8 671 200 Purchases 4,167 900 Accounts receivable $19,800 Accounts payable 312,400 Net income 1,290 300 Heywements 1) What is the adjusted balance of lovestories as of December 31, 2020? aj 275,200 CI 263,400 bj 255,300 DOR'ZEL 2) What is the adjusted balance of accounts receivable as of December 31, 2020? 21 516,100 cl 525,700 b| 485,200 448,400 3) What is the adjusted balance of accounts curable as of December 31, 2020? 21 293,600 CI 271,100 b| 314,400 di 00S'EGE 4) What is the adjusted net income in 2020? a1 1,315, 200 CI 1,283,500 bj 1,295,300 IP OO'EDE'D